of gold and bullion notes in the possession of the public by about £7,000,000; while, supposing the reserve to have been already at the minimum of £3,000,000, the exportation of the £10,000,000 of gold would fall entirely on the circulating medium which it would reduce in the proportion of nearly 15 per cent.[C] In addition, therefore, to the measures already proposed, the restrictive clause that limits the Bank of England to any inflexible maximum, must be repealed and the Bank must be allowed to issue unrepresented notes, not only to the extent at present authorized, viz. £14,000,000 together with an additional £8,000,000, as a substitute for the country issues, but also to any necessary amount in excess of those £22,000,000, subject however to certain conditions, required for preventing any possible over-issue beyond the actual wants of the public. [C] Assuming the given circulation in the hands of the public to be thus composed: Gold, and bullion notes issued on gold, &c., £50,000,000 Silver, 7,000,000 Bank of England unrepresented notes 11,000,000 Country notes 7,000,000 ----------- £75,000,000 a drain of £10,000,000 of gold would obviously produce a contraction of more than 13 per cent.; while, if the silver be excluded from the computation, the amount of the reduction would be within a fraction of 15 per cent.