New men could not carry it on with vigour and efficiency; indeed they could not carry

But just at that time the business of most merchants must be unusually occupying and may be exceedingly critical. A trade peculiarly requiring consistency and special attainment would be managed by a shifting and untrained ruler.

The cardinal maxim is, that any aid to a present bad Bank is the surest mode of preventing the establishment of a future good Bank. The peculiarity of the precious metals is that their value depends for unusually long periods on the quantity of them which is in the market.

I think it a sufficient concession, therefore, if the £40,000,000 be given as the proper limit, not as before of the aggregate sterling resources of all kinds, but of the Gold Standard Reserve and the sterling branch of the Paper Currency Reserve (_i. The Banking Department of the Bank of England has over 40 per cent. He is a very experienced and attentive director, and I think expresses, more or less, the opinions of other directors. On the other hand, if a time comes when Indians learn to leave off their unfertile habits and to divert their hoards into the channels of productive industry and to the enrichment of their fields, they will have the money markets of the world at their mercy. They are issued without limit from any Paper Currency office in exchange for rupees or British gold coin, or (on the requisition of the Comptroller–General) for gold bullion. These are sought after for purposes of ornament and stand at a premium. ‘Before 1609 the great quantity of clipt and worn foreign coin, which the extensive trade of Amsterdam brought from all parts of Europe, reduced the value of its currency about 9 per cent below that of good money fresh from the mint. It would hardly be able to sell any at all. Any two names will satisfy the letter of the Presidency Banks Act; but any two names are not necessarily very good security.

_, in 1912). If that system collapse, the number of failures would be incalculable, and each failure would add to the discredit that caused the collapse.

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