A paper circulation is begun by the banker, and requires

see more click here . this website this article But there is a considerable here weight of opinion in favour of the see more view that the time for this link the establishment of a Central Indian Bank is not this website yet see article ripe. Fowler Committee on Indian this article Currency. These savings are first lodged in the local this page banks, are by them sent to London, and are deposited with this article London bankers, or with this website here the bill brokers. The this page see more only unused sum is the reserve in the Banking Department website of here the Bank of England: if, click here therefore, in a panic that see more Department see article itself attempt click here to sell stock, website the failure would be ridiculous. this page A more miserable catalogue than that website of the failures of this link the Bank of England this link website to keep a good banking reserve in this article all the seasons of trouble between 1825 and 1857 is scarcely to this website click here be found in history. ‘ But when the ‘legal tender’ is partly metal and partly paper, here it is necessary that this link the paper ‘legal tender’ the bank note should be convertible into this link bullion. The magnitude of our commerce, and the this article number and see more magnitude of the banks which depend see article here on the Bank of England, are undeniable. The website holders of the Bank reserve ought to lend at website once and most freely see more this website in this page an incipient click here panic, because this link they fear destruction in the panic. click here

The great development of Indian here Joint Stock Banking this page since that this website time on not perfectly sound here website lines makes this link it doubtful whether bank troubles will click here this page this website be absent in an equal degree on the next occasion this website this website of difficulty. this page It would not here here be see more prudent to website act on see more the expectation of here a less cost than 3/32d. Since the surplus balances in this article India, beyond those required by the here District Treasuries and those this page deposited with the Presidency Banks, are mainly this link held in notes, website we may neglect them for the this article present purpose. I shall this page be at this website once asked Do you this website propose a revolution? Do website you propose to abandon this website this website the one reserve system, and create anew a many reserve system? My plain answer is that I see article do see article this website not propose it. We click here can therefore estimate see article here this link the policy see more of the this website Bank click here of England in see article the this link three panics here see article which have happened since the this link Act of 1844, without inquiring into see article the effect of click here this link the Act see article itself. Richardson this link website described it, there is no peculiarity very website likely to affect the see article this page money market.

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