W.—: The Regulation of Currency (p. 677)

The question of the effect of the Bank Charter Act has lost much of its importance in consequence of the growing use of cheques. These cheques are now largely drawn not against actual deposits but against banking credits; so that banks, while abandoning more and more the issue of notes, “manufacture money” on a vast scale in another way. Hereon see Withers, MeaningEdition: current; Page: [997]of Money, chs. 3 and 5. On the effect of an increase in the supply of gold, see Walker, Money, pt. i. ch. 4, and Withers, ch. 1.