As a matter of fact the circumstances were, at first, unfavourable

None of them gets so much before the others that the others voluntarily place their reserves in its keeping. The intrinsic nature of these liabilities must be considered, as well as their numerical quantity. Lindsay’s, in 1878 and subsequently, on the regulation of a Gold Standard—should both have come from Secretaries of the Bank of Bengal, not from high officials of State.

In 1870[81] the public deposits at £3,600,000 fell not far short of the total private deposits and exceeded by 50 per cent the capital and reserve of the Banks; in 1880 they were £1,900,000, and were about one–third of the private deposits; in 1890 the figures were £2,400,000, equal to about a quarter of the private deposits; in 1900, £1,900,000, equal to less than a quarter; in 1912 the Government deposits at £2,500,000 were not much more than a tenth of the private deposits. Every note was legal tender in its own circle. │1909. The other two criticisms quoted above lead on to the general question of how the sterling resources should be held and how they should be divided between the several Reserves.

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