Nothing can be more natural or more inevitable than this change

But when, in 1810, they came to be examined as to their reasons, they gave answers that have become almost classical by their nonsense. Money is economical power. But this is a complete dream. We must be prepared for all of them, and we must prepare for all of them in the same way–by keeping a large cash reserve. When in 1900 the accumulations reached £5,000,000, attempts were made, in accordance with the recommendations of the Fowler Committee, to force it into circulation. ‘Is the Governor of the Bank of the same opinion which has now been expressed by the Deputy-Governor? ‘Mr.

│ d. There are twenty-four directors, a Governor and a Deputy-Governor, making a total court of twenty-six persons, which is obviously too large for the real discussion of any difficult business.

Now too that we comprehend the inevitable vicissitudes of Lombard Street, we can also thoroughly comprehend the cardinal importance of always retaining a great banking reserve.

Very often they have incurred obligations which must be met; and if that is so the rate of interest which they pay is comparatively indifferent.

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