been apprehended^ or
indeed^ might, and pro-
as,
have occurred under other circum-
bably would,, stances.
If the market rate of interest for such bills as
came
within
fluctuated
the prescribed rules of the
more than
it
did,
Bank had
and had likewise on
an average very materially exceeded the fixed rate of discount, and more especially
if it
had
risen pro-
gressively during the whole period of the war, or of
the restriction, not only would the fluctuations in the amount of bank-notes have been greater, there would also
have been such a constant ten-
dency to excess through
this
channel of issue,
would not have admitted of compensation by minished issues through
as di-
and the
other channels,
of the circulation would have been
total increase
greater than
but
it
But
has proved to be.
it
so hap-
pens, that the market rate of interest, for such as came within the
Bank
nor materially exceed
five
rules,
bills
did not constantly
per cent.
;
nor did
it
rise
progressively through the greater part of the interval of the restriction. bifls
was
at its highest
of the war, as
may be
The
rate of interest for such
long before the termination inferred from the circumstance
that, in the three last years of
discount at the
Bank
fell
off",
it,
the applications for
compared with what
they had been for some years before.