These great banks have not had to keep so large a reserve against their liabilities as

Any sudden increase in the bankers’ balances would be a probable indication of new foreign money, but new foreign money might come in without causing an increase, since some other and contemporaneous cause might effect a counteracting decrease.

W. _, is worth 1/32d. rate in│Min. the rupee, and cashed out of funds from the Gold Standard Reserve. 15 to £1 ratio is not laid down, therefore, in any Act whatever. Such money no sooner appeared than it was melted down or carried away, as it always is in such circumstances. But they undoubtedly had the result that the authorities published to the public much ampler details than were previously available. There would be no mischievous prestige about the office; there would be no attraction in it for a vain man; and there would be nothing to make it an object of a violent canvass or of unscrupulous electioneering. After the suspension of cash payments in 1797, the directors of the Bank of England could issue what notes they liked.

For their exigencies a moderate degree of ability and an anxious caution will suffice.

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