The reserves of the bankers so deposited with the bill-broker form a most profitable part of

A Government created by a revolution hardly ever is.

A really able and active-minded Governor, being required to sit all day in the bank, in fact does, and can hardly help doing, its principal business. The only safe plan for the Bank is the brave plan, to lend in a panic on every kind of current security, or every sort on which money is ordinarily and usually lent. The Bank of England thus has the responsibility of taking care of it. Any two names will satisfy the letter of the Presidency Banks Act; but any two names are not necessarily very good security. In this case a double loss is involved—the cost of sending the gold to India (for the Secretary of State could probably have got 1s. But in the ensuing pages I mean to speak as little as I can of the Act of 1844; and when I do speak of it, I shall deal nearly exclusively with its experienced effects, and scarcely at all, if at all, with its refined basis. 4d. Something might be inferred from them, but not anything certain. If, therefore, an English banker retains a sum of Bank of England notes or coin in due proportion to his liabilities, he has a sufficient amount of the legal tender of this country, and he need not think of anything more.

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