I have before explained in what manner the government of the bank of england should, i

And this is very natural.

The Metropolitan Board of Works, which collects a great revenue in London, has an account at the London and Westminster Bank, for which that bank makes a deposit of Consols as a security. That is as much a part of its daily stock-in-trade as its desks or offices; or at any rate, whatever words we may choose to use, we must carefully distinguish between this cash in the till which is wanted every day, and the safety-fund, as we may call it, the special reserve held by the bank to meet extraordinary and unfrequent demands. Advocates of a gold currency, however, would not, I think, deny that it might involve the country in some extra expense. Harrison, when he was Comptroller of Currency, to apply the Jevonian method very fully; and he was also able to corroborate his estimates by reference to the numbers of the older issues, 1835 and 1840 (_e. I admit that this conclusion is very inconvenient. As some recompense for these restrictions, the Presidency Banks have been allowed to hold a portion of the Government balances without payment of interest.

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