In deference to a public opinion which does not clearly understand the purpose of the reserves

A. ‘ And I will answer the question plainly, though in so doing there is a great risk that the principles I advocate may be in some degree injured through some mistake I may make in applying them. Accordingly, in a despatch, dated October 18, 1912, the Secretary of State suggested to the Government of India that instead of sovereigns Indian gold coins of the nomination of, say, 10 rupees should be coined at Bombay. 11. But, nevertheless, we should reform the other points which we have seen to be defective. Deposit Banking is indeed so small on the Continent, that no large reserve need be held on account of it. They are dependent on the management of the Bank of England in a day of difficulty and at a crisis for the spare money they keep to meet that difficulty and crisis. The main question is one of fact–Does not the public mind begin to be anxious and timorous just where I have placed the apprehension point? and the deductions from that are comparatively simple questions of mixed fact and reasoning.

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