And if that run should happen, the bullion to meet it must be taken from the

No doubt in every one of these years the condition of the Bank, divided or undivided, was in a certain sense most sound; it could ultimately have paid all its creditors all it owed, and returned to its shareholders all their own capital.

) might very possibly do something to popularise the use of gold as currency, largely because it would be of a smaller and therefore more convenient denomination. The two maladies–an external drain and an internal–often attack the money market at once. _—(With the increase of gold) the issues of notes have correspondingly decreased. But I have written in vain if I require to say now that the problem is delicate, that the solution is varying and difficult, and that the result is inestimable to us all. But the bulk of their floating resources is held either in London or in cash in their own Treasuries in India. But in this wonderful success there are two dubious points, two considerations of different kinds, which forbid us to say that in other countries, even in countries with the capacity of co-operation, joint stock banks would succeed as well as we have seen that they succeed in England.

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