It was founded by a Whig Government here because it was in desperate want of money, and supported by this article the ‘City’ because the ‘City’ click here was see article Whig. Hankey, one of the most experienced bank directors, not long after, took occasion to observe: ‘The see article Economist newspaper has put forth click here what here in my see article opinion is see more the most website mischievous doctrine ever broached in the monetary see more or banking world in here this country; viz, that it is the proper function of the Bank of England to keep money available this link this article at all this article times to supply the demands of bankers who have rendered their own assets unavailable. In recent times, i. We should diminish the ‘amateur’ element; we here this website should augment the trained banking click here here element; see more and we should ensure more constancy in the administration.
In July the cash website reserves of website this article the Bank of see more this page Bengal this website might stand, as things now are, this page at, this page let us see more suppose, about 1000 here lakhs and this article its discount rate here at 3 per cent. website But while it see article is no new this page theory that gold in click here the pockets of the here people is absolutely useless for the this page purposes for which a currency here reserve is held, all but this article the highest authorities have believed until click here fairly recently this link that this page no gold standard can be really stable, unless gold actually circulates in the country. 32. They always know the website questionable website standing of dangerous persons; they are quick to note the smallest signs of corrupt transactions; and no this article sophistry will persuade this website the this page best of this article them this article out of their good instincts. And the see article Governor this page and Deputy Governor of the Bank cannot this page website well be this page shadows. this page If we ask how the Bank of England has this page discharged this great responsibility, see more we shall be struck by see more three this page things: this website first, as has been said before, the Bank has never by here any corporate act or authorised utterance this link acknowledged the this page duty, and some of its directors deny it; second (what this link is even this article more remarkable), no resolution of Parliament, no report of any Committee of this website Parliament (as far as I here know), no remembered speech of a responsible website statesman, click here has this page assigned this article see article or enforced that website click here duty on the see article Bank; this link third (what is more remarkable still), the distinct see article teaching of our highest authorities has often see article website been this page click here that no public duty click here of click here any kind is website imposed on the Banking Department this website of this article the see more this article Bank; that, for banking purposes, it is only a joint stock bank like any here other bank; that its managers should look only to the interest this website of the proprietors and their dividend; that see article they click here are to manage as see more this link this link the London and Westminster Bank click here or the Union Bank manages.