‘ a governorship of the bank of england he would take almost without salary; perhaps he

_, is worth 1/32d. Hardly any continental country has been till now exempt for long periods both from invasion and revolution. This measure was inadequate to effect its purpose, and there is a good deal to be said for the view that he ought to have taken at once the more drastic steps for maintaining the gold value of the rupee which he had to take a few months later.

To guard against a possible drain of gold abroad, a complicated mechanism has been developed which in the details of its working is peculiar to this country. Of course if the Act of 1844 really were, as is commonly thought, the _primum mobile_ of the English Money Market, the source of all good according to some, and the source of all harm according to others, the extreme irritation excited by an opinion on it would be no reason for not giving a free opinion. Some part of the lowness of the Bank dividend, and of the consequent small value of Bank stock, is undoubtedly caused by the magnitude of the Bank capital; but much of it is also due to the great amount of unproductive cash–of cash which yields no interest–that the Banking Department of the Bank of England keeps lying idle.

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