An examination of the chart shows that the Indian Money Market enjoys years of high and low average rates respectively, just as other markets do. This unwillingness was due to a variety of causes. An idea prevails (as I believe) at the Bank of England that they ought not to advance during a panic on any kind of security on which they do not commonly advance. I cannot, therefore, expect with certainty the continuance of our system of private banking. Even now apologists of the Reichsbank will sometimes speak as if its bank rate were efficacious by itself in the same manner as the Bank of England’s. Nothing but their immense misfortunes, nothing but a vast loan in their own securities, could have extracted the hoards of France from the custody of the French people. ” There is also another cause, connected with the exchanges; at some times of year the cheapest way of getting gold is to buy sovereigns for rupees from the Government. In many European countries the credit of the State had been so much better than any other credit, that it had been used to strengthen the beginnings of banking.