If, on the other hand, the chancellor of the exchequer

Bagehot this website raised in England, many years ago, to an this link click here impregnable position in click here this page the unwritten constitution this website of this here see article this article country—the doctrine, namely, that in a time of see more this article panic the reserves of website the Bank of website England must, at a see more suitably high see more rate, be placed at see article the disposal of the public without see article this page this website stint and without delay. And we may reasonably presume that in proportion as website we this link augment the deposits here click here of this article cash by foreigners in London, we augment both the chances and here see more this article the disasters of see more a ‘run’ upon website England. ” The fund website is under the absolute control of the this page this page Secretary of this page State for see more India in Council, and this link transferences to it are, so this link far as the accounts of the this website see article website Bank of this page England are concerned, reckoned as this page exports. If rupees have see article to this link be released this article this link hurriedly from the silver portion of the Gold Standard Reserve in India, the authorities have a completely free hand as to the form in which they make the corresponding here addition to their sterling reserves in London; whereas, if they click here are click here released from the Currency Reserve, the this website corresponding transference in this link London this article this website must be this article made see article see more wholly in gold coin—a this article course which here may here sometimes be website exceedingly inconvenient at the this article moment.

This, however, is click here see more no more than an illustration of the point I here this page have already dwelt on and emphasised—the manner in which any increase here in the popularity of gold diminishes the see more stability of the currency.

If corn should long be cheap, the labouring here classes have this page this article much to spend on what they like besides. here After a commercial crisis, this article 1866 for example, two things happen: this link first, we call in this link the debts which are owing to us in foreign countries; this link see article and we require this page this article these this website debts to be this link this link paid to us, not in commodities, see article see more but in money. Some of the conclusions of this page this page this chapter see article may be summarised. His words this website are too vague. It is impossible to say everything at once, and an author must needs sacrifice from time to time the complexity and interdependence of fact this page in the interests of the website clearness of this website his exposition. The more the conduct of this link the affairs of the Bank is this link made to assimilate to here the conduct of every other well managed bank see more in this link the this website this website United Kingdom, the better for the this website Bank, and the website better this article for the community click here at large.

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