‘money,’ as economists teach, ‘is a commodity, and only a commodity;’ why then, it is asked,


These other sources are either sovereigns in transit from Australia or sovereigns ready for export from Egypt.

But if a great number of persons do this very suddenly, the bill brokers will not at once be able to pay without borrowing. It is not necessary for the purposes of this survey to consider precisely how changes in the bank rate affect the balance of immediate indebtedness. Such an officer, if sound, able, and industrious, would soon rule the affairs of the Bank. In Manchester, in Liverpool, and all through England, we have a great number of banks, each with a business more or less good, but we have no single bank with any sort of predominance; nor is there any such bank in Scotland. In 1867 a specific proposal for the amalgamation of the three Presidency Banks was laid before the Government of India in a memorandum of complete grasp and mastery by Mr. The manufacture of iron being stimulated, all persons concerned in that great manufacture are well off, have more to spend, and by spending it encourage other branches of manufacture, which again propagate the demand; they receive and so encourage industries in a third degree dependent and removed.

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