He is always in fear that ‘something may be said;’ but not quite knowing on what

The want of a good organisation may cause the failure of one or more of these banks; and such failure of such banks may intensify a panic, even if it should not cause one. The uses of gold coin in Great Britain are now three—as the medium of exchange for certain kinds of out–of–pocket expenditure, such as that on railway travelling, for which custom requires cash payment; for the payment of wages; and to meet a drain of specie abroad. The City of London and the House of Commons both approved of what they said; those who dissented were said to be abstract thinkers and unpractical men.

5. In India we know the extreme limits of fluctuation in the exchange value of the rupee; we know the precise volume of reserves which the Government holds in gold and in credits abroad; and we know at what moment the Government will step in and utilise these resources for the support of the rupee. For the earlier years, therefore, I am inclined to prefer Mr. I think that the public would be quite satisfied if they obtained bank-notes.

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