The account of which we have been speaking is the yearly account of the english government–what

3. But, in the earlier part of the reign of William the Third, all the greatest writers on currency were of opinion that a very considerable mass of gold and silver was hidden in secret drawers and behind wainscots. But in countries where the tradition is but lately dead or still lingers, it is apt to revive with astonishing vitality at the least sign of danger. The board of directors would almost certainly be demoralised by having to choose a sovereign, and there is no certainty, nor any great likelihood, indeed, that they would choose a good one.

Every one in India having loanable funds to spare would act likewise. Is it possible to conceive of any remedy or moderating influence for the somewhat severe seasonal stringency still experienced? 6. A new channel of demand is required to take off the new money, or that new money will not raise prices. The London and Westminster has only 13 per cent of its liabilities lying idle.

1904. 1900 19 1909 30½ 1902 21 1910 36½ 1904 25½ 1911 36½ 1906 30 1912 41 1908 31½ 1913 46 The following table gives the average monthly gross circulation in £ million (at 1s.

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