I suspect that the rates in the two markets may appear to be more different than

[88] In 1876 the Government relinquished their share of the capital of the Banks and their right of appointing directors. In a panic, as has been said, the bankers’ balances greatly augment. Under a good system of banking, a great collapse, except from rebellion or invasion, would probably not happen. Fleetwood Wilson explained in the Legislative Council in 1911— A number of technical and other difficulties were raised by the Royal Mint, which ultimately wore out the patience of Lord Curzon’s Government. Some of the conclusions of this chapter may be summarised. The following quotations from the reports (collected in 1911–12 by the Comptroller of Currency from districts in the Punjab), referred to above, illustrate the point that gold is preferred to silver because it is more convenient to carry, and that notes are distrusted because there is no universally spread assurance of their ready convertibility. I admit that this conclusion is very inconvenient. the rupee without limit.

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