If the public refrain from taking trouble, a paper circulation is immediately in existence

But, on the contrary, there is no country at present, and there never was any country before, in which the ratio of the cash reserve to the bank deposits was so small as it is now in England. was so advanced in three months.

Taking all these causes of loss together, I do not think we should overestimate the wastage of rupees from the circulation in placing it between half a crore and a crore annually. And the case is worse because the court only meets once a week, and only sits a very short time. and are in a position to put out at interest funds in London. It has been maintained since that date at a constant value in terms of gold by the Bank’s regularly providing gold when it is required for export and by its using its authority at the same time for restricting so far as possible the use of gold at home. In a time when the trading classes were much ruder than they now are, many private bankers possessed variety of knowledge and a delicacy of attainment which would even now be very rare.

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