Actual crime will always be rare; but, as an uninspected manager of a great bank has

It is very difficult to estimate the extent to which rupees may have emerged from hoards during the period which succeeded the closing of the Mints. But there is no puzzle in the matter.

The practice of the Bank has, as we all know, been much and greatly improved. All ‘city’ people make their money by investments, for which there are often good argumentative reasons; but they would hardly ever be able, if required before a Parliamentary committee, to state those reasons.

Atkinson, and to assume a _public_ circulation in 1900 (_i. The Paper Currency Reserve is thus used to provide the gold which is the first line of defence of the currency system as a whole, and hence can hardly be distinguished from the resources of the Gold Standard Reserve proper. And at the present moment we have a still more remarkable example, which was thus analysed in the Economist of the 30th December, 1871, in an article which I venture to quote as a whole: ‘THE GREAT RISE IN THE PRICE OF COMMODITIES. And we cannot expect that they should. Wilson states, a succession of technical difficulties in a spirit of scarcely veiled hostility to the whole proposal. In the early days of banking of the modern type in England, gold was not infrequently required to meet runs on banks by their depositors, who were always liable in difficult times to fall into a state of panic lest they should be unable to withdraw their deposits in case of real need. Adam Smith, many years since, threw out many pregnant hints on the difficulty of such undertakings–hints which even after so many years will well repay perusal. Contractors of the Canal Department are very glad to receive payment of their cheques in gold. If we turn from the mechanism of remittance to the question of Government remittance as a whole, this can be explained most clearly by reference to a hypothetical India Office balance–sheet.

He would be a lender of such magnitude and so much influence, that he might command his own terms. The following table gives for various years the average of the circulation on the last day of each month:— ┌───────────┬───────────────────────┬────────────────────────┐ │ │ (In lakhs of rupees. No doubt foreigners cannot take from us our own money; they must send here ‘value in some shape or other for all they take away. .

Bank stock will be bought in order to confer the qualification of voting at the election of the ‘chief of the City. Our great joint stock bands are imprudent in so carefully concealing the details of their government, and in secluding those details from the risk of discussion. And as regards the interests and convenience of the merchants of Bombay and Madras, surely it is only natural that they should prefer separate Banks for those important centres of commerce. He will have endless difficulties in establishing the circulation of the distant bank, because he has not the local knowledge which alone can teach him how to issue that circulation with safety.

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