The Government of Charles II.
The direction of the Bank of England has, for many generations, been composed of such men. ‘The value of the opportunity too is proportioned to what has to be paid for it.
Loans to borrowers on the approved list are granted as a rule for periods from three to five weeks, occasionally for six weeks, so that the whole balance could, if needed, be called in within six weeks. A general rise of prices is a rise only in name; whatever anyone gains on the article which he has to sell he loses on the articles which he has to buy, and so he is just where he was. From 1866 to 1870 there was almost an unbroken calm on the money market. At the present time the arguments in favour of a State Bank for India are very strong,—far stronger than they were in 1867 or even in 1898. Gold reserves are meant to be used in times of difficulty, and for the discharge of pressing obligations.
There is no fair argument between an inferior who has to exhibit respect and a superior who has to receive respect.