The holding of some part in actual gold in england was an innovation introduced in november

I think I am right in saying that Egypt is now the only country in the world in which actual gold coins are the principal medium of exchange. He would be acquainted better than anyone else, both with the traditions of the past and with the facts of the present; he would have a great experience; he would have seen many anxious times; he would always be on the watch for their recurrence. And in exceptional times it may be some protection to the sterling reserves if Council Bills can be sold at a lower rate if necessary. e.

This measure was inadequate to effect its purpose, and there is a good deal to be said for the view that he ought to have taken at once the more drastic steps for maintaining the gold value of the rupee which he had to take a few months later. It is probably the case, however, that if it were desirable to popularise the use of gold, a means could be found of effecting this in some degree. 8. These Banks have discovered that there is, or may be, a useful ambiguity in the public mind between nominal capital and paid–up capital, and that nothing is cheaper than to increase the former.

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