Apart from the brokers who acted for the ring, there was only one firm in a

While, therefore, it is to a certain extent within the power of Government (though not at present according to their usual practice) to urge a certain number of rupees into circulation _more rapidly_ than is necessary, they cannot _permanently_ increase the circulation without depreciating its gold value, that is, they cannot permanently increase the circulation beyond what it would otherwise be and at the same time maintain the rupee at 1s. e. But in fact they are nearly always, and always if the other directors wish it, re-elected after a year. There is no tendency to a monarchy in the cotton world; nor, where banking has been left free, is there any tendency to a monarchy in banking either. If that alarm is not so met, it aggravates into a panic, which is an opinion that most people, or very many people, will not pay their creditors; and this too can only be met by enabling all those persons to pay what they owe, which takes a great deal of money. If then the aggregate of the bankers’ deposited reserve be 5,000,000 L.

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