And in exceptional times it may be some protection to the sterling reserves if council bills

But the recent activity of their promoters has raised some discussion in India as to whether it would not be for the public good to restrain them by legislation. │ R.

The mania of 1825 and the mania of 1866 were striking examples of this; in their case to a great extent, as in most similar modern periods to a less extent, the delirium of ancient gambling co-operated with the milder madness of modern overtrading.

Both in the case of the Exchange Banks and in that of the Indian Joint Stock Banks, the “Cash Balances” include, I think, balances held at other Banks. I receive bills to a considerable amount from Lancashire in particular, and remit them to Norfolk, Suffolk, &c. I shall be astonished, therefore, if action is taken while times are good. And the sovereign is presumably cheaper than the same quantity of gold in out–of–the–way parts. Yet a system has been developed, which was contemplated neither by those who effected nor by those who opposed the closing of the Mints in 1893, and which was not favoured either by the Government or by the Fowler Committee in 1899, although something like it was suggested at that time.

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