The bank at such a time is the only lender on stock, and it is only

N. That at this rate these advances should be made on all good banking securities, and as largely as the public ask for them. At the worst crisis and in the worst misconduct of the Bank, no such plea has been thought of: in 1825 when its till was empty, in 1837 when it had to ask aid from the Bank of France, no such idea was suggested. On the wisdom of the directors of that one Joint Stock Company, it depends whether England shall be solvent or insolvent. In what form the best paper currency can be supplied to a country is a question of economical theory with which I do not meddle here.

In the third place, it does not seem certain that the urgent demands for fresh coinage of rupees, to which India is subject from time to time, will be as frequent in the future as they have been in the immediate past. Undoubtedly such a permanent official should be a trained banker.

Although, therefore, a banker deals only with the most sure securities, and with those which yield the least interest, he can nevertheless gain and divide a very large profit upon his own capital, because the money in his hands is so much larger than that capital.

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