To illustrate how rare a thing in europe a perfect and automatic gold standard is, let

d. It will change the full working of the industrial machine into an imperfect working; it will make the produce of that machine less than usual instead of more than usual; instead of there being more than the average of general dividend to be distributed between the producers, there will immediately be less than the average. I had always imagined such directors to be men of tried sagacity and long experience, and I was amazed that a cheerful young man should be one of them. The old private banks in former times used to lend much to private individuals; the banker, as Lord Overstone on another occasion explained, could have no security, but he formed his judgment of the discretion, the sense, and the solvency of those to whom he lent. One of these Banks has included in its operations coach–building and medical attendance. I propose to take a middle course, nearer, however, to Mr. On the one side a great city opinion–a great national opinion, I may say, for the nation has learnt much from many panics–requires the directors to keep a large reserve.

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