Bullion is the cash’ of international trade; paper currencies are of no use there, and coins pass only as they contain more or less bullion. The panic of that year, it will be remembered, happened, contrary to precedent, in the spring, and at the next meeting of the Court of Bank proprietors–the September meeting–there was a very remarkable discussion, which I give at length below, and of which all that is most material was thus described in the ‘Economist’: ‘THE GREAT IMPORTANCE OF THE LATE MEETING OF THE PROPRIETORS OF THE BANK OF ENGLAND. . Probably he places it in a bank, and this enables it to do more work. The result was a period of frantic and almost inconceivable violence; scarcely any one knew whom to trust; credit was almost suspended; the country was, as Mr. Additional notes or rupees can be obtained in payment of Council Bills or in exchange for sovereigns, but not otherwise. These he reckons as part of his reserve.
Their bill cases as a rule are full of the bills drawn in the most profitable trades, and _caeteris paribus_ and in comparison empty of those drawn in the less profitable.