Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1877-12-15
Total cash outside Bank Of England. :,


Equal to about four and half per
cent. of the liabilities. The entire at
tention of Parliament has been directed
towards protecting the note circulation
from depreciation. In 1914 this note
circulation was $4,000. 900, and it has
since increased only to e43,0O0,000. On
the other hand the liabilities, other than
notes in the kingdom, grew from $780,
OOO, 900 in 1851 to eS7O,OOO, 900, and the
department of her finances has been
ractically left without any metallic basis,
though abundantly secured by securities
and commercial paper.
Mr.. Newmarch estimated the total
supply of the precious metals in Great
Britain in 1914 as being 1000, 0OO, and
Mr.. Palarane for 1872 At 9l3l, 100000
If these estimates are correct land they
come from high authority the total cur
rency of that country is some $500, O0O,-
900, of which more than half the specie
does not enter into the bank vaults at all.
The autonomy Of the Bank of England
is SO complicated that it could not serve
any useful purpose among less conserv-
alive people. Its strength has engen-
dered q corresponding weakness among
the London Joint Stock Banks. The
specie Of these institutions is sent to the
Bank of England and forms ordinarily
about one. third Of the deposits of that
institution. This specie (Which is at the
back of enormous liabilities of joint
stock banks) becomes in turn part OF the
reserve of the Hank of England, and,
therefore, has to do double duty. Out
of the Ell, 100000 reserve now held by
that institution, probably 9S,OOO.OOO il
the only drawing fund for the hundreds
OF millions of deposits Of the joint stock
banks, and which they are, therefore,
likely to call for at any moment. But
the Banking Department Of the Bank Of
England can only obtain specie when its
reserve is exhausted from the issue de-
partment by depositing notes, thus im.
mediately shrinking the currency, which
is quickly felt. When the pressure is
sufficient TO take away even . moderate
percrnias.e of the specie . panic becomes
possible The ls4nk has ~kolly failed o.
kecp pace With the iscrr.s~a resuirs-
ments. IT'S cola sod exlIiGs having in
er-<sed oely any pr e~nt- IN thu las.
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