At the present time the arguments in favour of a

) The absence of the advice and experience, which this article the officers of a State Bank would possess, is a source of weakness to Government itself. The this article first panic of which it is necessary this page here to speak, is that of 1825: I hardly think this article we should derive much instruction from those of 1793 and 1797; the world has changed too much since; and during the long period of inconvertible currency from 1797 to 1819, the problems to be solved were altogether different from our present ones. Unless the this website Bank of England lend, no stock will be bought. Adventure is the life of commerce, but caution, I had almost said timidity, is the life this link of banking; and I cannot imagine that the long series of great errors made by the Bank see article of England in the management of its reserve till after 1857, would have been possible if the merchants in the Bank court had not this link erroneously taken this link the same view of the Bank’s business that they must properly take of their own mercantile business. But it has been shown over and over again, that website in a panic such securities can only be realised by the help of the Bank of England that it is only the Bank with the ultimate cash reserve which has at such moments any new money, or any power to lend and act. The custom and convenience of the people justify this, so far this website as concerns payment in small sums. No cleverer men of business probably (cleverer I mean for the purposes of their particular calling) could well be found than the founders and first managers of that house. But do not look upon it as a precedent.

It is not profitable to discuss the reserve policy of the Paper Currency under existing conditions in here isolation from the other reserves which the Government now hold.

On the other hand, India is probably more willing than the Bank of Austria–Hungary to supply gold on demand.

The distinctive function of the banker, says Ricardo, ‘begins as soon as he uses the money of others;’ as long as he uses his own money he is only a capitalist. There is almost always some hesitation when a Governor begins to reign.

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