According to Jacob Viner[1] the main members of the Banking School were Thomas Tooke, John Fullarton, James Wilson and J. W. Gilbart.
This switch to inconvertible currency spiraled Britain's economy into a financial crisis.
"[3] The banking position was summed up perfectly by Viner when he stated, "The amount of paper notes in circulation [is] adequately controlled by the ordinary processes of competitive banking, and if the requirement of convertibility was maintained, could not exceed the needs of business for any appreciable length of time" (Viner 1937, p. 223).
[2] Meaning, the demand of credit in business relies heavily on banking policy and their interest rates.
Nonetheless, this crisis in 1847 validated many of the Banking School's beliefs such as money should not be restricted but naturally run.