And the way the two employ their money is different also. e. Nothing, therefore, can be more certain than that the Bank of England has in this respect no peculiar privilege; that it is simply in the position of a Bank keeping the Banking reserve of the country; that it must in time of panic do what all other similar banks must do; that in time of panic it must advance freely and vigorously to the public out of the reserve. 19.
The Discount office is open for the discount of good bills, and makes immense advances accordingly.
It will be asked, what more can be required? I reply, a great deal. Richardson describes. When we proceed to detail, it appears that there are several important parts of India in which the use of the sovereign is still negligible—in Bengal, Eastern Bengal, Assam, the Central Provinces, and Burma. And there could be no sort of conversation more injurious to a man in the City; the world there would say, rightly or wrongly, ‘We must never be too severe on errors of judgment; we are all making them every day; if responsible persons do their best we can expect no more.