F. This is not the expedient of second–rate or impoverished countries; it is the expedient of all those who have not attained a high degree of financial supremacy—of all those, in fact, who are not themselves international bankers.
13. The Government have taken over so many of the functions of a Central Bank, that they cannot wisely neglect the rest. A monarchy in any trade is a sign of some anomalous advantage, and of some intervention from without. Especially when for two or three years harvests have been bad, and corn has long been dear, every industry is impoverished, and almost every one, by becoming poorer, makes every other poorer too. e.
The duration of the bill varies with the custom of the trade; it may be two, three months, or six weeks, but there is always a bill. If he did not sell bills, sovereigns would be sent to India, new rupees would have to be coined to meet the obligation under which the Government of India has placed itself of giving rupees in exchange for sovereigns on demand, and a great part of the sovereigns would have to be credited in some form or other to the Gold Standard Reserve or shipped back to England again to pay for the silver.