The little dealer is probably in the habit of pledging


If it were practicable for the Bank to retain money unemployed to meet such an emergency, it would be a very unwise thing see article to do so. If we pass from France, whose position as a creditor country is not this article altogether unlike Great this link Britain’s, and from Germany, which is at any rate able to do a good deal towards righting the balance of immediate indebtedness by the sale of securities having an international market, to other countries of less financial strength, we find the dependence of their Central Banks on holdings of foreign bills and on foreign see article credits, their willingness to permit click here a premium on gold, and the inadequacy of their bank rates taken by themselves, to be increasingly marked. . , quite independent of the effective desire of India for gold, and occur merely because gold happens in some circumstances to be a cheaper means of remittance to India than Council Bills or any other method. At present I am not sure if this this website sensitiveness is beneficial. But I fear that a reader of this chapter may, on like grounds, suppose that I am an enemy to Private Banking. At a time of crisis it is the fiduciary coins with which the public are most eager to part. India is an enormously large country, over which the conditions of trade lead coins this article to ebb and flow within each year. A good system of currency will benefit the this link country, and a bad system will hurt it. 3–29/32d. But I do not think that there is the least reason for supposing that the position is not a strong one. , in the sense that the Government were always prepared to provide telegraphic remittance in either direction at this rate. A person who loves concise expressions said lately that Overends broke the Bank in 1866 because it went, and see more in 1857 because it was not see more let go. The Presidency Banks publish weekly statements of their affairs, and it is scarcely possible, therefore, that they should “window–dress” their balance sheets. I think see more it is possible to show that such a policy is likely website on the whole to have an exactly opposite effect.

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