Dated the 30th December, 1869. Fourthly. 13. By far the most careful and valuable discussions of the question are to be found in the Reports of the Comptroller–General of Paper Currency for 1910–11 (written by Mr. So that our one-reserve system of banking combines two evils: first, it makes the demand of the brokers upon the final reserve greater, because under it so many bankers remove so much money from the brokers; and under it also the final reserve is reduced to its minimum point, and the entire system of credit is made more delicate, and more sensitive.
Adie, who applied to the same material two alternative methods of much greater technical complexity than Mr. A modern Government is like a very rich man with very great debts which he cannot well pay; its credit is necessary to its prosperity, almost to its existence, and if its banker fail when one of its debts becomes due its difficulty is intense. After the suspension of cash payments in 1797, the directors of the Bank of England could issue what notes they liked.