This is the 'cast iron' system--the 'hard and fast' line which the opponents of the Act say ruins us, and which the partizans of the Act say saves us.

But I have nothing to do with its expediency here.

All which is to my purpose is that our paper 'legal tender,' our bank notes, can only be obtained in this manner.

If, therefore, an English banker retains a sum of Bank of England notes or coin in due proportion to his liabilities, he has a sufficient amount of the legal tender of this country, and he need not think of anything more.
But here a distinction must be made.

It is to be observed that properly speaking we should not include in the 'reserve' of a bank 'legal tenders,' or cash, which the Bank keeps to transact its daily business.