The Banks fear a possible rival; merchants are content with present prosperity; and no one else knows anything about it. Banking never ought to be an exceedingly laborious trade. During the suspension of cash payments–a suspension which lasted twenty-two years–all traditions as to a cash reserve had died away.
The ‘credit’ of a person–that is, the reliance which may be placed on his pecuniary fidelity–is a different thing from his property. And, in order not to be below 11,500,000 L. The Government of the Bank of England. I reply that I only submit them for the judgment of others. If they permit all other forms of credit to perish, their own will perish immediately, and in consequence.
The fifth of these provisions allows a loophole by means of which the rules can be made to work in practice less rigorously than appears on paper. But, apart from private profits, the important point is the extent to which Indian trade is financed by the purchase of Council Bills in London with borrowed money, whether this money is supplied by the depositors in Exchange Banks or by those who rediscount the bills.