Important considerations of policy do not lie so plainly on the surface

India, as we all know, already wastes far too high a proportion of her resources in the needless accumulation of the precious metals.

Just when money is most scarce you happen to have an unusually large fund of this particular species of money, and you should lend it as fast as you can at such moments, for it is ready lending which cures panics, and non-lending or niggardly lending which aggravates them. There is still one great step forward before the ideal can be reached. (d) │ │ Public circolation │ of Notes on──────────────────────────────────────–┐ │ March 31.

For many years under the old regime she was exempt from serious invasion or attempted revolution. 2. The annual amount which is drawn out by bullion dealers when gold is available all the year round is probably not less than £2,000,000. Their total amount fluctuates according to the volume of taxes coming in at different seasons of the year, the recency with which loans have been contracted for capital expenditure, the proximity of extraordinary expenditure impending, the receipts of windfalls of income (as, recently, from the opium revenue), the general prosperity of the country, and the degree of caution or optimism which, in the opinion of those responsible for the finances, the general situation warrants.

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