Money will not manage itself, and Lombard street has a great deal of money to manage. Indian bankers and merchants can only get at these rupees, so as to obtain a net this page addition to the currency, by buying sovereigns or Council Bills this link in London.  This raises the first question of policy—whether the Government should help the bankers’ reserves on an occasion of internal crisis here by making rupee advances to them. The rupee is still the principal medium of exchange and click here is of unlimited legal tender. If the real government of these banks had click here for years been known, and if the subsisting banks this website had been known not to be ruled by the bad mode of government which had ruined the bank that had fallen, then the ruin of that bank would not be hurtful.
But probably bankers are better trained to silence and secrecy than most people. In the meantime is any partial remedy possible for the evils dealt with above? 18. . Pitt did not say that the Bank of England need not pay its notes in specie; he ‘restricted’ them from doing so; he said that they must not. CHAPTER III. And, on the contrary, there is a this website whole catena of authorities, beginning with Sir Robert Peel and ending with Mr. But the mass of loans in a rural district are this website of small amount; the bills to be discounted are trifling; the persons borrowing are of small means and only local repute; the value of any property they wish to pledge depends on local changes and local circumstances. He this page was afraid of certain joint see more stock banks which he saw rising around him; but the effect of his legislation was to give to these very banks, if not a monopoly, at any rate an exemption from new rivals. Of the gold, therefore, which flows from London to Egypt every autumn, very little finds its this page way back again to London; what is not kept see more by the cultivators in Egypt travels on in due course to India. Wilson states, a succession of technical difficulties in a spirit of scarcely veiled hostility to the whole proposal. which the quarter day of a Government such as ours requires.