, resolved on a strange policy in the hope of abolishing it

These are the _data_. Either shut the Bank at once, and say it will not lend more than it commonly lends, or lend freely, boldly, and so that the public may feel you mean to go on lending.

The Bank of England plainly does not manage–cannot even be said to manage–the currency any more. │ 2. The way in which this has arisen is easily explained. Lindsay, Deputy–Secretary of the Bank of Bengal, who always maintained that “they _must_ adopt my scheme despite themselves. Prices have been rising, as it is, much faster than is healthy and in a way very disadvantageous to such a creditor nation as Great Britain, to whom large sums fixed in terms of gold are annually due. Nor can the Bank of England infer much from the balance of the London Joint Stock Bank in their Bank, for the German money was probably paid in various sums to that bank, and lent out again in other various sums. This completes the narrative of events up to the end of the crisis of 1908. I see no reason why the first—the coinage of sovereigns at Bombay—should have any effect at all towards increasing the use of sovereigns as currency. No English statesman would consent to be responsible for the choice of the Governor of the Bank of England. The private deposits of the Bank of England then were 9,000,000 L.

_ on remittance) is to be recouped in three months (_i. Mr. Such bills must be made payable at a place convenient to the seller of the goods in payment of which they are given, perhaps at the great town where his warehouse is. A foreigner thinks ‘an Exchange business’–that is, the buying and selling bills on foreign countries–a main part of banking. On this account I wish to say as little as is fairly possible of the Act of 1844, and, as far as I can, to isolate and dwell exclusively on the ‘Post-Peel’ agencies, so that those who have had enough of that well-worn theme (and they are very many) may not be wearied, and that the new and neglected parts of the subject may be seen as they really are. First, the London bankers should not be altogether excluded from the court of directors. The truth is that the circumstances which originally favoured the establishment of private banks have now almost passed away. ‘The father had great brains and created the business: but the son had less brains and lost or lessened it. But, apart from the validity of this argument, it is not clearly shown in what way the establishment of a mint would effect the desired purpose; indeed it is explicitly admitted that “in proposing to open a gold mint it is not our intention to induce thereby an increased flow of gold to India. 11. And when London was by comparison a small city, and when by comparison everyone stuck to his proper business, this practice might have been safe.

But the labour of such persons, I do not say their spare powers, but their principal energies, fetches a high price.

Secondly. Money parted with at such a time is very hard to get back; those who have taken it will not let it go–not, at least, unless they are sure of getting other money in its place.

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