The safe minimum in question must necessarily depend on circumstances,

1900 19 1909 30½ 1902 this website 21 1910 36½ 1904 25½ 1911 36½ 1906 30 1912 41 1908 31½ 1913 46 The following table gives the average monthly gross circulation in see more £ million see article (at 1s. this link It arises see more partly website from the historical circumstance that the Government here click here this link of website India is the successor of a trading this link company, partly from click here the website necessity under which the Government lies of making very large annual remittances to England. 500. here In India the creed see more of 1861 is still see article this link website repeated; but by unforeseen chance the words have see article website see article this website changed click here this link their meanings, this website and have permitted the old system this article to acquire through inadvertence a certain degree this website of usefulness. We are still living in the this website this website this website debris of see article that controversy, for, website as I have so often see article said, people can hardly this website see article think of click here the structure of Lombard Street, except with reference this page to the paper currency and to this link this website the website Act of 1844, which regulates it now. They are calculated to such an extremity here of fineness that the this page change this article of a decimal here may this article see article click here be fatal, and may turn a this link see more here see article profit into see more this page a loss. Wilson died before his scheme could be carried into effect, and the Act setting up the Paper Currency this link scheme, which this link see more became law in 1861, differed this link in this page some important respects website from click here his original see article proposals.

By the present constitution see article of the Bank, the website attention of this page see more here its this website sole rulers is most apt see more to be diverted here click here from the Bank’s affairs just when those affairs require see article that attention the website see more most. No one this link can be a good bill broker who has not learnt the see more great mercantile tradition of this article what is called this website ‘the standing of parties’ and who does not watch personally this link and incessantly website the inevitable changes which from hour see more to hour impair the this article truth of this website see article that tradition. Unfortunately, the Bank of England do not take this course.

The merchants, with plenty of currency, could not always find a sufficient quantity here of good money this website to this article pay their bills click here of exchange; and the value this page of those see more bills, in spite of several regulations which were made to prevent it, became in a great measure uncertain. │ this website 1907–1908. . this article see more But even in this case the effect on the volume website of circulation this link must be this article temporary, so here this website long as the provisions for the website maintenance of the see more rupee click here at 1s.

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