We must therefore, I think, have recourse to feeble and humble palliatives such as I have suggested. With good sense, good judgment, and good care, I have no doubt that they may be enough. But I have written in vain if I require to say now that the problem is delicate, that the solution is varying and difficult, and that the result is inestimable to us all. APPENDIX. Note A. Liabilities and Cash Reserve of the Chief Banking Systems. The following is a comparison of the liabilities to the public, and of the cash reserve, of the banking systems of the United Kingdom, France, Germany, and the United States. For the United Kingdom the figures are the most defective, as they only include the deposits of the Bank of England, and of the London joint stock banks, and the banking reserve of the Bank of England, which is the only cash available against these liabilities is also the only cash reserve against the similar liabilities of the London private banks, the provincial English banks, and the Scotch and Irish banks. In the case of England, therefore, the method of comparison exhibits a larger proportion of cash to liabilities than what really exists. (1) ENGLISH BANKING. Liabilities. Deposits of Bank of England, less estimated Joint Stock Bank balances, at December 31, 1872 L 29,000,000 Deposits of London Joint Stock Banks at December 31 1872 (see 'Economist,' February 8, 1873) L 91,000,000 ------------ Total liabilities L 120,000,000 ============= Reserve of Cash Banking Reserve in Bank of England. L 13,500,000 ============= Making proportion of cash reserve to liabilities to the public about 11'2 per cent. (2) BANK of FRANCE (FEBRUARY, 1873). Liabilities Circulation L 110,000,000 Deposits L 15,000,000 ------------- Total liabilities L 125,000,000 ============= Reserve of Cash. Coin and bullion in hand L 32,000,000 Making proportion of cash reserve to liabilities to the public about 25 per cent. (3) BANKS OF GERMANY (JANUARY, 1873). Liabilities Circulation L 63,000,000 Deposits L 8,000,000 Acceptances and Indorsements L 17,000,000 ------------ Total liabilities L 88,000,000 ============ Reserves of Cash Cash in Hand L 41,000,000 ============ Making proportion of cash reserve to liabilities to the public about per cent.