But i am bound to own that the committee was right and i was wrong, for

There are not many recognised impossibilities in business, but everybody admits ‘that you cannot found a new private bank. . In 1905 Sir E. ┌───────────┬───────────┬────────────┬────────┐ │ March 31. A further amount might be held, as at present, permanently invested in Government of India securities. _Ludhiana. If a bank groups these liabilities together in the balance-sheet, you cannot tell the amount of reserve it ought to keep. From the profits of rupee coinage[59] a reserve has been built up expressly for the purpose of supporting exchange. Neither the Bank nor the Banking Department have ever had an idea of being put ‘into liquidation;’ most men would think as soon of ‘winding up’ the English nation. 9.

in gold, no merchant or manufacturer considers of what material it is made when he fixes the price of his product.

By the depreciation in the gold value of silver, extending over a long period of years, trade was inconvenienced, and Public Finance, by reason of the large payments which the Government must make in sterling, gravely disturbed; until in 1893, after the breakdown of negotiations for bimetallism, the Indian Mints were closed to the free mintage of silver, and the value of the rupee divorced from the value of the metal contained in it.

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