] acceptances have been omitted in the above, the amount of bills payable is supposed to

Closer inquiry elicited further facts unsuspected hitherto. Gillan points out, “that the acceptance by the cultivator of gold in payment of his crops is in the nature of barter; that is to say, he takes the gold not as coin merely but for some other purpose, and the return of gold in payment of revenue may be no more than the return of so much as he finds himself unable to retain. Very often they have incurred obligations which must be met; and if that is so the rate of interest which they pay is comparatively indifferent.

But they had done nothing; if at least they had only prevented farther losses, the firm might have been in existence and in the highest credit now. Nor can I propose that we should adopt the simple and straightforward expedient by which the French have extricated themselves from the same difficulty. I suspect, therefore, that a higher proportion than usual of the sovereigns imported in 1912 were put to non–currency uses for which gold bars would have served just as well.

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