It cannot be denied, however, that there are obstacles which forbid the immediate issue of unrepresented paper money to the extent of these £10,000,000. The average unrepresented circulation of the Bank of England is at present only about £8,000,000; and if the bank be likewise entrusted with the issue of paper in lieu of the country circulation, which forms an average of about £7,000,000 more, this would very nearly double its average circulation of unrepresented notes. Now, although, as has just been shown, the £4,000,000 of capital and rest, which are not permanently invested in the loan to government or otherwise, and which therefore form the actual working capital of the Bank, are amply sufficient to act as a basis for securing the convertibility of these £15,000,000; and although the conversion into working capital of the £3,000,000 at present permanently invested in public securities distinct from the government loan, should enable the Bank with perfect security to increase its unrepresented circulation by another £10,000,000, yet, it could hardly be regarded as a prudent course to allow the Bank to extend that circulation in more than a two-fold ratio without some gradual preparation for so great a change. It seems a preferable plan therefore that the Bank should try the experiment of replacing the country issues without any other important increase of its unrepresented circulation for ten or twenty years to come; and there can be little doubt, that after so much experience in managing the enlarged issues, it might safely be entrusted with a still further extension. Meanwhile we think it very desirable that the £3,000,000 invested in public securities, should be withdrawn from the bullion department and incorporated in the working capital. But in this we anticipate.