The keeping the single banking reserve being a national function, it is at least plausible to

A million in the hands of a single banker is a great power; he can at once lend it where he will, and borrowers can come to him, because they know or believe that he has it. It might be proper to prescribe by law the holding of a certain proportion of the reserve (say one–third[30]) in gold or silver coin. The way in which the issue of notes by a banker prepares the way for the deposit of money with him is very plain. [61] It is possible that when this figure has been reached, some part of its income may be applied to capital expenditure on railways. 13. Notes issued 33,288,640 L| Government debt 11,015,100 L | Other securities 3,984,900 L | Gold coin and bullion 18,288,640 L | Silver bullion 33,288,640| 33,288,640 L BANKING DEPARTMENT. e. The official correspondence lately published,[31] shows that for two years (from 1899 to 1901) they made, as Sir G. In the first place the gold imports for 1911–12 fall short of, and those for 1912–13 do not much exceed, those for 1910–11 if we exclude the additions to the Paper Currency Reserve.

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