The principal mode in which money is raised by traders is by ‘bills of exchange;’ the

├─────┬─────┼─────┬─────┼─────┬─────┼─────┬─────┼─────┬─────┤ │ │ R. Their first line of defence in the form of technical difficulties having been overcome, they fell back upon open argument as to the wisdom from the Indian point of view of the whole project:— While expressing their satisfaction that an agreement has now been reached, my Lords think it desirable, before practical steps are taken to carry out the scheme, to invite Lord George Hamilton to review the arguments originally advanced in favour of the coinage of the sovereign in India, and to consider whether the course of events, in the two years which have elapsed since the proposal was made, has not tended to diminish their force, and to render such advantages as are likely to accrue from the establishment of a branch mint wholly incommensurate with the expense to be incurred. Why should a bank keep any reserve? Because it may be called on to pay certain liabilities at once and in a moment.

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