Có những tranh chấp giữa nhà trường tiền tệ và trường ngân hàng, mà tiếp tục cũng vào thế kỷ XIX và được để hình thành sự phát triển tiếp theo. Các thuật ngữ xuất hiện đã được đặt ra bởi Norman bằng chứng của mình để Uỷ ban 1840 của Ngân hàng phát hành (nhưng xem Clapham vol ii năm ). | 148 DEPOSIT BANKING IN ENGLAND would by implication meet other expenses by cheque often in settlement of a tradesman s credit account. There were disputes between the currency school and the banking school which continued well into the nineteenth century and which were to shape subsequent developments. The terms appear to have been coined by George Warde Norman in his evidence to the 1840 Committee of the House of Commons on Banks of Issue but see Clapham 1970 vol. ii 181 . The chief proponents of the Currency School were Samuel Jones Loyd later Lord Overstone George Warde Norman and Robert Torrens. They held that money derived and should derive its value from metal. Paper money should be issued purely for convenience and the amount of paper in circulation should not exceed the value of the bullion held in reserve. Under such a scheme the paper circulation would be 100 per cent gold backed. The principle would work equally well on a silver standard but this was not then an issue in England. Although it is an over-simplification to equate the currency school with modern day monetarism and with the hard money men in the United States in the 1890s they all shared an underlying belief that regulation of the money supply is the foundation of economic management. They had a deep distrust of the wisdom of governments and a strong preference for formal rules binding on the political and monetary authorities over administrative discretion a regulation that depended on principle rather than panic. They can be regarded as the successors of the Bullionist school which had had an intellectual victory in 1810 where their opponents had sought inevitably in vain to deny any connection between the extension of the money supply in a period where convertibility into gold was suspended and the High Price of Gold Bullion meant a depreciation in the currency. The Banking School led by Thomas Tooke had during the first half of the nineteenth century developed an intellectual coherence .
