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Several pan-German conventions were held with the aim to simplify and rationalize the German monetary system, e.g. in [[Vienna]] on {{date|1857/01/24}}, but to no avail.<ref name=Conant>{{cite book |title=A History of Modern Banks of Issue |author=Charles Arthur Conant |url=https://books.google.com/books/about/A_History_of_Modern_Banks_of_Issue.html?id=VDE5AAAAMAAJ |publisher=G.P. Putnam's Sons |year=1915 |location=New York & London}}</ref>{{rp|196}} Instead, the number of {{lang|de|Notenbanken}} kept growing, reaching 31 (in the territories that would become the [[German Reich]]) in 1870.<ref name=NMC>{{citation |title=The German Great Banks and Their Concentration in connection with The Economic Development of Germany |url=https://historyofeconomicthought.mcmaster.ca/riesser/GreatGermanBanks.pdf |year=1911 |author=Jacob Riesser |publisher=National Monetary Commission |location=Washington DC}}</ref>{{rp|141}} They were typically private-sector entities, albeit often under hands-on government oversight, except the [[Bank of Bremen]] and [[Frankfurter Bank]] which were comparatively independent.{{R|Conant|p=192}} Twelve of these were in Prussia, four in the [[Kingdom of Saxony]], one in the [[Kingdom of Bavaria]], and the other 14 in various duchies, principalities and [[Free imperial city|free cities]].
On {{date|1870/03/27}}, a law was passed that forbade the formation of further {{lang|de|Notenbanken}} in the [[North German Confederation]]. Following the promulgation of the [[German Empire]] that law was extended to all German lands, with entry into force on {{date|1872/01/01}}. These Prussian initiatives precipitated action by the [[Grand Duchy of Baden]] and [[Kingdom of Württemberg]] to create note-issuing banks of their own, respectively the [[Badische Bank]] in [[Mannheim]] (est. 1870) and the [[Württembergische Notenbank]] in [[Stuttgart]] (est. 1871), bringing the total number of {{lang|de|Notenbanken}} to 33.{{R|NMCR|p=14}} The [[panic of 1873]] further stimulated discussions on the creation of an integrated monetary system,<ref>{{citation |url=https://www.bostonfed.org/-/media/Documents/conference/43/33p.pdf |author=Harold James |title=A historical perspective on international monetary arrangements: opening address |publisher=Federal Reserve Bank of Boston |year=1999}}</ref>{{rp|34}} which pitted advocates of centralization led by [[Ludwig Bamberger]] against the incumbent local banks of issue and defenders of state rights, led by [[Gottfried Ludolf Camphausen|Ludolf Camphausen]]. The political compromise was to allow the latter to keep issuance activity but under such restrictions that they rapidly fell into monetary irrelevance.<ref>{{cite book |author=Charles Kindleberger |title=A Financial History of Western Europe (Second Edition) |publisher=Oxford University Press |year=1993 }}</ref>{{rp|127}}
==German Empire==
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