He argued that the Federal Reserve Act of 1913 defies Article 1, Section 8, Paragraph 5 of the United States Constitution by creating a " central bank of issue " for the United States.
22.
The only exception to this was the General Government's Bank of Issue in Poland ( Polish : " Bank Emisyjny w Polsce ", " German : Emissionbank in Polen " ).
23.
The central bank and the bank of issue, it preserves the domestic purchasing power of the Austrian currency and its value in terms of stable foreign currencies, and controls external transactions affecting the balance of payments.
24.
Banco Nacional Ultramarino ( BNU ) was established in Lisbon, Portugal, in 1864 as a bank of issue for Portuguese overseas territories . the next year it opened branches in Luanda, Angola and Praia, Cabo Verde.
25.
The loss and inconvenience, the swindling and corruption that flowed from the assumption by each State of the Union of the power to license banks of issue ended with the war, and no-one would now go back to them.
26.
The function of bank of issue was often performed by small private operations, called " kassiers " ( literally : " cashiers " ) that accepted " courantgeld " for deposit, and issued promissory notes for domestic payments.
27.
There were then six banks of issue : " del Ecuador, Commercial y Agricola, de Pichincha, Credito Agricola e Industrial, del Azuay ", and the recently opened ( 1920 ) " Banco de Descuento ".
28.
Under the gold exchange standard, for example the Bretton Woods Institutions, banks of issue were obliged to redeem their currencies in gold bullion, or in United States dollars, which in turn were redeemable in gold bullion at an official rate of $ 35 per troy ounce.
29.
Sonnino envisaged to establish a single bank of issue, but the main priority of his bank reform was to rapidly solve the financial problems of the " Banca Romana ", as well as to cover up the scandal which involved the political class, rather than to design a new national banking system.
30.
Pressure from the newly formed Colonial Parliament, the Union Bank of Australasia, and the local commercial sector, along with views developed in the Colonial Office in the United Kingdom to allow experimentation on competition in the issue of banknotes, led to the bank being wound up by the New Zealand Colonial Bank of Issue Winding-Up Act 1856.
