If, on the other hand, the chancellor of the exchequer were a borrower, as at times

Wilson states, a succession of technical difficulties in a spirit of scarcely veiled hostility to the whole proposal. 3–15/16d. The two maladies–an external drain and an internal–often attack the money market at once. But in 1870 the Bank of France suspended specie payments, and from that time a new era begins. Unless the Bank of England lend, no stock will be bought.

But as they are drawn on London houses there is no difficulty in rediscounting them in London. In Austria–Hungary the system is less automatic, and the Bank is allowed a wide discretion. │ N.

And there is also a slower mercantile operation. This deduction is in accordance with the practice of the reports of the Currency Department. I thought it would frighten people. If they had to keep a much larger part than now of that reserve in barren cash, their dividends would be reduced, and their present success would become less conspicuous. The system of keeping the entire ultimate reserve at a single bank, undoubtedly diminishes the amount of reserve which is kept.

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