Even formerly, when its monetary powers were greater and its rivals weaker, it had no absolute

So far indeed is it from being universal, that the majority of saving persons in most countries would reject it. ‘ In a natural system, he would borrow of any one out of many competing banks, selecting the one that would lend cheapest; but under our present artificial system, he is confined to a single bank, which can fix its own charge. But if it does, it will get in no new money; its bill case will daily be more and more packed with bills ‘returned unpaid. . Few men in India would be found equal to the task. [123] Before the Fowler Committee of 1898, there was some desultory discussion of proposals for a Central Bank of India, which were supported by a few of the witnesses; but, apart from Mr.

No one now founds or can found a new private bank, and Sir R. │ Total.

It was not unnatural that in this state of things a certain degree of alarm should have taken possession of the public mind, and that those who required accommodation from the Bank should have gone to the Chancellor of the Exchequer and requested the Government to empower us to issue notes beyond the statutory amount, if we should think that such a measure was desirable.

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