But alderman salomons, on the part of the london bankers, said, he wished to take

Nor can I propose that we should adopt the simple and straightforward expedient by which the French have extricated themselves from the same difficulty.

These restrictions were originally due partly, perhaps, to a feeling of jealousy on the part of the Court of Directors of the East India Company lest the Banks should compete in business (such as foreign exchange) which the Company regarded as its own; but chiefly from a proper wish that semi–official institutions, in a country so dangerous for banking as India, should be conducted on the safest possible principles. │ 2. A system closely resembling the Gold–Exchange Standard was actually employed during the second half of the eighteenth century for regulating the exchange between London and Edinburgh. Scarcely any one knows the precise government of any one; in no case has that government been described on authority; and the fall of one by grave misgovernment would be taken to show that the others might as easily be misgoverned also.

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