Inquiry into the Currency Reforms and the Banking System Reforms in the Controversy between Central Banking and Free Banking

首先，我分析了吉尔巴特和图克如何批评帕尔默的规则，这是19世纪30年代英格兰银行控制货币数量的手段。特别是，我比较了他们对公开市场操作如何影响货币市场的看法。第二，图克说，货币资本所有者的投机行为导致了1825年的危机。我考虑了他的“货币资本波动转移理论”导致危机的机制。这是基于货币市场上国债和风险较高资产的利率之间的差异。

First, I analyzed how J.W.Gilbart and T.Tooke criticized Palmer's rule, which was means for controlling the amount of currency by the Bank of England in the1830s. In particular, I compared their opinions about how its open market operation affected the money market. Second, Tooke said that the speculation by the possessors of monied capital caused the 1825 crisis. I considered the mechanism of his "Wave Transfer Theory of Monied Capital" that brought about the crisis. This was based on differential in the money market between the rates available on national debt and riskier assets.