I remember hearing the conversation of a distinguished merchant in the city of london, who well

Something having been created to satisfy an extreme want, it is used to satisfy less pressing wants, or to supply additional conveniences.

These Reserves are most useful if they are held in London, where they must necessarily be wanted whenever there is need to make use of them.

They completely corroborate the above summary. Notes themselves, however, are used also, and to an increasing extent, for moving crops; and, although the _gross_ circulation falls during the busy season for the reasons just given, the _active_ circulation (_i. With so many advantages over all competitors, it is quite natural that the Bank of England should have far outstripped them all. Before the need arose for acting on this announcement, it was changed into an offer to sell sterling bills on London at the fixed minimum rate of ⅓–29/32.

And these dealers, taking advantage of their peculiar knowledge, borrow immense sums from bankers and others; they generally deposit the bills as a security; and they generally give their own guarantee of the goodness of the bill: but neither of such practices indeed is essential, though both are the ordinary rule.

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