(d) not allowing for natural wastage of rupees (see below)

This is the amount of their conceivable executive power, if the Government were to exercise it. In 1911, 43,305,722 British sovereigns were minted, or a good deal more than the whole gold coinage in that year of the rest of the world, viz. The fourth of these provisions is the vital one for supporting the sterling value of the rupee; and, although the Government have given no binding undertaking to maintain it, a failure to do so might fairly be held to involve an utter breakdown of their system. Bagehot certainly did England a great service in dissipating from the minds of her financiers this primitive prejudice;—for wonderfully few other countries have yet learnt that gold reserves, although no doubt they serve some purpose when they are held for show only, exist to much better purpose if they are held for use also. │Treasuries. Given the wholesale price of most articles, you can commonly tell their retail price. 3–31/32d. ‘ Just before, the Bank had 5,812,000 L. ; thus a refusal to sell bills would mean an eventual loss of nearly ¼d.

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