[118] even of these reserves the greater part is probably held by the older and more

They receive the banker’s notes in the common course of their business, and they have only not to take those notes to the banker for payment. │. A theorist may easily map out a scheme of Government in which Queen Victoria could be dispensed with.

‘We felt satisfied that, however plausible were the reasons urged in favour of the issue of Exchequer Bills, yet that the measure was a dangerous one, and ought to be resisted by the Government. In fact, the Bank of England suffers under two difficulties. They proceed, therefore, to even up their accounts as between London and India by buying, in London, Council Bills (or transfers) or sovereigns (from the Bank of England or from the agents of Egyptian or Australian Banks) for delivery in India, or, perhaps, silver (though their dealings in silver bullion are probably much less important than formerly)[104] for remittance to India.

As soon as the public had become satisfied that the notes could be turned into coin readily and without question, their desire to cash them would probably have been greatly diminished.