And when the use to which we are putting an old thing is a new use,

Suppose, a favourable supposition, that the Banking Department holds more than two-fifths of its liabilities in cash–that it lends three-fifths of its deposits and retains in reserve only two-fifths. But of cash in ultimate reserve–cash in reserve against a panic–the savings’ banks have not a sixpence. Further, it is certain that a large number are melted every year and used as bullion. At the worst crisis and in the worst misconduct of the Bank, no such plea has been thought of: in 1825 when its till was empty, in 1837 when it had to ask aid from the Bank of France, no such idea was suggested. ” Financiers of this type will not admit the feasibility of anything until it has been demonstrated to them by practical experience. │Whole Year.

; scarcely any other event would have an equal effect. Of the greatness of the power there will be no doubt. Law, the Financial Member of the Viceroy’s Council, suggested £20,000,000. But these wants only affect a few persons, and therefore bring the bank under the notice of a few only.

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