He thinks of little else, and ought to think of little else

There are two causes of this. ) = £m5½. On the surface there seems a great inconsistency in all this. If the proprietors choose, there will be something like the evils of an American presidential election. In that year the Bank directors allowed their stock of bullion to fall in the most alarming manner: On Dec. It was the owner of many debts from England. I have tediously insisted that the natural system of banking is that of many banks keeping their own cash reserve, with the penalty of failure before them if they neglect it. This is the exact reverse of the practice which Mr.

25. Apart from that portion which is permanently invested, the whole must be kept in gold and silver. 100,000 L. , five millions–there would be a great danger that the whole mass of Exchequer Bills would be at a discount, and would be paid into the revenue.

That instrument is the elevation of the rate of interest.

in money, or some equivalent for money, till he sees some advantageous use to be made of it.

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