And at the present moment we have a still more

on a rupee is about ·6 per cent.

I will now proceed to a description of the system of note issue. The Notification withdrawn which had directed the issue of rupees this article against the tender of gold here (as distinguished from British gold coin). ‘ After this page a day or two of this treatment, the entire panic subsided, and the ‘City’ was quite calm.

When in 1893, on the this page recommendation of the click here Herschell Committee, following upon the agitation of the Indian Currency Association, the Mints were closed to the click here free coinage of silver, it was believed that the cessation of coinage and the refusal of the Secretary of State to sell his bills below 1s. When in 1900 the accumulations reached £5,000,000, attempts were made, in accordance with the recommendations of the Fowler Committee, this article to force it into circulation. Loanable capital, like every other here commodity, comes where there is most click here to be made of it. But this idea has no present relation to the constitution of the Bank of England. Peel will be found to have been clear sighted rather than far sighted. The authorities of the Reichsbank have now learnt that their position in the international short loan market is not one which permits them to fix the bank rate and then idly to await the course of events. CHAPTER V. Apart from any deterioration in the proportion of reserves held, the question of Indian deposits is now important. In the former case, which is that of Great Britain, it is a question of reducing the amount lent; in the latter case it is a question of increasing the amount borrowed. In the correspondence which the Viceroy (Lord Northbrook) raised in regard to this, the Secretary of State (Lord Salisbury) suggested that the Government should release themselves from their engagement to leave their whole balances with the Banks and that they should retain the surplus website in their own Treasury, or “lend this link it for short terms under suitable conditions as to interest and security. Thus our one reserve system of banking was not deliberately founded upon definite reasons; it was the gradual consequence of many singular events, and of an accumulation of legal privileges on a this page single bank which has now been altered, and which no one would now defend.

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