additional gold reserves. This act was passed under the Conservative government of Robert Peel. The leading figure of the school was Samuel Jones-Loyd, Baron Overstone, the British politician and banker. More than fifty years later his role in the debate was analyzed and criticized by Henry Meulen, an opponent of the Act. Repercussions As with most debates, there is always an opposing argument. The Currency School was opposed by members of the British Banking School, who argued that currency issue could be naturally restricted by the desire of bank depositors to redeem their notes for gold. In the years following, the Banking Act was suspended three times, favoring the Banking School, but nonetheless the Currency School prevailed and convertibility was mostly maintained until World War I. References Classical economics Schools of economic thought Economic history of the United Kingdom Monetary economics