‘ After a day or two of this treatment, the entire panic subsided, and the ‘City’ was quite calm.
According to the present practice the process in these circumstances also is, therefore, automatic, and the amount of new rupees put into circulation does not depend on the arbitrary action of the Secretary of State in selling or withholding Council Bills. Foreign systems, therefore, were greatly influenced at their inception by what were regarded as the fundamental tenets of the British system.
In two matters only does the Government use a discretionary power. By making allowance, therefore, for the increase or decrease of sovereigns in the Paper Currency Reserve and the Government Treasuries, we can calculate how many sovereigns have found their way each year into the hands of the public. │. At present I am not sure if this sensitiveness is beneficial. e. In the eye of the banker, money at the brokers would then be one of the investments of cash, it would not be a part of such cash.