In consequence, in 1858 they made a rule that they

The want of money is an urgent want of Governments at most periods, and seldom more urgent than it was in the tumultuous Italian Republics of the Middle Ages. Such a notification, as is suggested above, would be much more in the true spirit of the Indian currency system than the establishment of a gold mint would be; and it would serve the convenience of the public just as efficiently, at less expense to this website Government. Up to January 1900 he undertook to this page sell telegraphic transfers at 1s. An election so liable to be disturbed by powerful website vitiating causes would rarely end this page in a good choice. This is below the gold export point (from India), and it could not have fallen so low if the Government had made gold freely available in India. But the fruits of cautious growth may here soon be reaped. An increase of loans at such times is often an increase of this article the liabilities of the bank, not a diminution of its reserve. Estimated by the idea of old times, by the idea even of ten years ago, this article that sum, I know, sounds extremely large. During the winter of 1912–13 profits on the heavy issues of coinage caused a further increase, and we may here conveniently think of the Gold Standard Reserve as being worth about £21,000,000 net at the end of 1912. But in countries where the tradition is but lately dead here or still lingers, it is apt to revive with astonishing vitality at the least sign this website of danger. There was also a small increase of rupees in that part of the Indian Cash Balances which is held in rupees and not in currency notes. The only securities which a banker, using money that he may be asked at short notice to repay, ought to touch, are those which are easily saleable and easily intelligible.

But, more important than this, the taste of India for click here gold, as against silver, has been very considerably developed during the last ten years. But bad as is this system when voluntarily chosen, it becomes far worse when legally and compulsorily imposed. During the period this article of reaction and adversity, just even at the last instant of prosperity, the whole structure is delicate.

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