This is the first, and the plainest way in which the german government could take, and

Where there are Central Banks with the right of note issue, they are usually able, subject to various restrictions, to increase their note issue at certain seasons of the year in order to discount more bills. In the first place, it sells exchange, save in exceptional circumstances, in one direction only.

Brunyate in the Legislative Council (February 25, 1910), speaking in reply to the similar line of argument brought forward by the Bombay mill–owning interests in connexion with the imposition in 1910 of a duty on silver. As was natural, the effects–good and evil–of its constitution are to be seen in every part of the Bank’s history.

The interest thus accruing on the invested portion of the reserve, less the expenses of the Paper Currency Department, is credited to the general revenues of the Government under the head “Profits of Note Circulation. Thus the active circulation was reduced altogether by about 285 million rupees (£19,000,000). A meeting of fifteen or eighteen persons is wholly unequal to the transaction of more business than this; it will be fortunate, and it must be well guided, if it should be found to be equal to so much.

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