After 1825, there was not again a real panic in the money market till 1847

In 1906 three Banks were founded, all of some importance,—the Bank of India (under important Parsee auspices), the Bank of Rangoon, and the Indian Specie Bank.

No English statesman would consent to be responsible for the choice of the Governor of the Bank of England. │ R. They have sometimes discounted these bills with their own capital, and if they can re-discount them at a slightly lower rate they gain a difference which at first seems but trifling, but with which they are quite content, because this system of lending first and borrowing again immediately enables them to turn their capital very frequently, and on a few thousand pounds of capital to discount hundreds of thousands of bills; as the transactions are so many, they can be content with a smaller profit on each.

Its essence is that a very large number of persons agree to trust a very few persons, or some one person.

If the interest were raised, the charge on the revenue would be of course proportionate to the increase of rate of interest.

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