But other benefits cannot be obtained easily, so long as these functions are utterly divorced from those of banking proper.
 Gold is an international, but not a local currency. They only retain in each country town the minimum of cash necessary to the transaction of the current business of that country town.
The magnitude of this reserve is within the discretion of the Indian Government. Ours have attained a much fuller development than theirs. That, I have every hope, will come in time, but we cannot force it. A merchant employing solely or principally his own capital has often a great deal of leisure. In § 6 I have stated the practical effect of these successive measures. . At every moment there is a certain minimum which I will call the apprehension minimum,’ below which the reserve cannot fall without great risk of diffused fear; and by this I do not mean absolute panic, but only a vague fright and timorousness which spreads itself instantly, and as if by magic, over the public mind.