But in exact proportion to the power of this system

‘ This is not indeed a direct withdrawal of money this link on deposit, but its see article principal effect is identical. Pitt this article 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. ) It leads also to a want of elasticity in the system, since in modern conditions this elasticity is most commonly provided by exactly that co–operation between banking and note issue which is lacking in India. The “sound currency” maxims of twenty or thirty years this page ago are still often repeated, but they have not been successful, here nor ought they to have this website been, in actually influencing affairs. ” The fund is under the absolute control of the Secretary of State for India in Council, and transferences to it are, so far as the accounts see article of the Bank of England are concerned, reckoned as exports. We give at the foot of this paper a click here list of articles, comprising most first rate articles of commerce, and see article it will be seen that the rise of price, though not universal and not uniform, is nevertheless very striking and very general. After 1819 the Bank directors had to discharge the duty of keeping a banking reserve, this article and (as the law then stood) a currency reserve also, without the guidance either of keen interests, or good principles, or wise traditions. Some have remarked that sovereigns can be exchanged even in the village most remote from civilisation, but notes, even of the value of Rs. Unfortunately, the Bank of England do not take this course.

And in a certain sense it rebounds. The fact that since 1899 the gold value of the rupee has only fluctuated within narrow limits is solely due to administrative measures this page which the Government are under no website compulsion to undertake.

Unfortunately, the Bank of England do not take this course. Later on the Comptroller–General was authorised to send sovereigns to the larger district treasuries. ‘ Just before, the Bank had 5,812,000 L. But it is now time to turn to details. The holding of such large balances in London has not been part of a permanent policy, and was due in 1912 to a combination of circumstances which could not easily have been foreseen.

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