I will conclude this chapter with a brief history in outline of the gold–exchange standard itself

And all the rest of the knowledge requisite for a banker can easily be obtained by anyone who has the sort of mind which takes to it. Rothschild are bankers, if any one is a banker. Why particular trades settled in particular places it is often difficult to say; but one thing is certain, that when a trade has settled in any one spot, it is very difficult for another to oust it–impossible unless the second place possesses some very great intrinsic advantage.

A further passage from the address he delivered on the same occasion (in proposing a scheme of one–pound notes for England) is relevant here:—“I would much prefer for national and monetary purposes to have £20,000,000 of gold under our command at the Bank of England than 30,000,000 sovereigns in the hands of the public.

A certain number of directors attending daily by rotation is, it should be said, no substitute for a permanent committee. The Government could use its favour as a bounty on prudence, and the withdrawal of that favour as a punishment for culpable folly. A panic is sure to be caused if that reserve is, from whatever cause, exceedingly low. A large part of these are the deposits of bankers, and they would not consent to help the Bank of England in a policy of isolation. The danger that it will be called for is much less; and therefore the security taken against it may be much less too. This is not the expedient of second–rate or impoverished countries; it is the expedient of all those who have not attained a high degree of financial supremacy—of all those, in fact, who are not themselves international bankers.

It was decided to pay out gold to the public as soon as the stock should exceed five millions sterling, and such payments commenced on January 12, 1900, at the currency offices in Calcutta, Madras, and Bombay. The case is worse, because at most periods of great commercial excitement there is some mixture of the older and simpler kind of investing mania. But it will ordinarily be very great. The Principles Which Should Regulate the Amount of the Banking Reserve to Be Kept by the Bank of England. How was the ordinary member of Parliament to be sure that some cosmopolitan syndicate of Jews was not fattening at the expense of the ryots of India, whose trustee he had often declared himself to be? Indian currency is too complicated a subject to be mastered at a moment’s notice; and many persons, without paying much attention to random charges of corruption, felt, quite legitimately, that there was a great deal going on of which they had no conception, and that they would like to be fully satisfied for themselves, and not merely on the word of the officials, that everything was really in order.

55) fell much less seriously. Steady merchants collected in council are an admirable judge of bills and securities. The growth of banking habits in India is, of course, of the utmost importance to the country’s economic development. 42│=126,49│+24,24│=150,73│ │1902–1903│126,49│+ 60│– 58│–2,23│=124,28│+28,87│=153,15│ │1903–1904│124,28│+11,42│– 45│+ 40│=135,65│+31,54│=167,19│ │1904–1905│135,65│+ 6,88│+ 55│– 61│=142,47│+33,73│=176,20│ │1905–1906│142,47│+16,11│– 2,11│– 78│=155,69│+37,90│=193,59│ │1906–1907│155,69│+22,88│– 4,88│–1,28│=172,41│+41,20│=213,61│ │1907–1908│172,41│+15,48│–11,56│– 41│=175,92│+38,65│=214,57│ │1908–1909│175,92│+ 2│–14,90│– 29│=160,75│+39,23│=199,98│ │1909–1910│160,75│+ 8│+13,14│–1,39│=172,42│+46,51│=218,93│ │1910–1911│172,42│– 42│+ 3,76│–1,72│=174,04│+45,68│=219,72│ │1911–1912│174,04│– 7│+11,61│–1,13│=184,41│+53,24│=237,65│ │1912–1913│184,41│ │ │ │ │ │ │ └────────–┴──────┴──────┴──────┴────–┴──────–┴──────┴──────–┘ (a) This column is derived from the figures given by the Currency Department, and the total of net coinage issued in individual years differs somewhat from the total amount minted as stated in the Mint Statistics.

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