But, in my judgment, the Act of 1844 is only a subordinate matter in the Money Market; what has to be said on it has been said at disproportionate length; the phenomena connected with it have been magnified into greater relative importance than they at all deserve.
┌───────────┬───────────┬────────────┬────────┐ │ March 31.  Gold is an international, but not a local currency. The other two criticisms quoted above lead on to the general question of how the sterling resources should be held and how they should be divided between the several Reserves. It is usually about twenty years from the time of a man’s first election that he arrives, as it is called, at the chair. Further, it is certain that a large number are melted every year and used as bullion. 4d.
per rupee, rising in most years as between certain dates as high as 5/32d.
The authorities have been—wisely—building up the reserves they ought to have.