It is not easy, therefore, for the secretary of state

It has no click here sufficient responsibility. Unless the London Money Market has collapsed as well as the Indian, it is always open to the Secretary of State this website to borrow by means of India Bills. . Being trusted for one purpose, they came to be trusted for a purpose quite different, ultimately far more important, though at first less keenly pressing. Once established, their activities are not limited. If the joint stock banks and the private banks and the country banks are to keep their share, let us determine on that; Mr. The easiness of the internal money market at that time and the total absence of banking trouble have produced the impression that there will be plenty of rupee funds available at a crisis, and that the only question will be as to whether the this website Government can turn these into sterling. His process for finding it is this: he calls in, say, a loan to the bill brokers; and if no equal additional money is contemporaneously carried to these brokers (which in the case of a large withdrawal of foreign money is not probable), they must reduce their business and discount less. Hardly any capital is enough to employ the principal partner’s time, and if such a man is very busy, it is a sign of something wrong. Nor could we expect original views on banking, for banking is this link a this article see article special trade, and English merchants, as a body, have had no experience in it. Most of website them would not know how to carry through a great ‘Exchange operation,’ or to this page ‘bring home the returns. . There was a society which undertook the office see article of giving gentlemen a liberal education on low terms, and which assumed the sounding name of the Royal Academies Company. Unless there is a deficiency in the revenue from taxation, and apart from loans, the extent to which the Secretary of State can draw on sterling resources must exactly click here equal the extent to which the Government this page of India can withdraw rupees from circulation. And besides this defect of the present time, there are some chronic faults in the policy this website of the Bank of England, which arise, as will be presently explained, from grave defects in its form of government.

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