Explore "The War and Our Financial Fabric" by Walter William Wall on Textopian. Read with annotations and highlights.
The Central Reserve is the reserve held by the Bank of England. Not only is it the Central Reserve, but it must be regarded as the National Reserve, the sole reserve. This is regarded by many as the chief weakness of the banking system.
Let us first of all distinguish between reserve and reserve. This Central Reserve is the national legal tender reserve. The joint stock banks have other reserves, as we have seen, composed of the highest wealth in the kingdom, and though there may be some reason, there does not appear to me to be the soundest, deepest reason why the foundation of the system should be considered unsound because of our moderate legal tender reserve, dependent as it is upon independent forces, and because we place minor importance upon the country's store of wealth.