Issued on bullion, £14,000,000 ” at the minimum rate, 11,000,000 ” at the medium rate, 11,000,000 ” at the maximum rate, 4,000,000 ----------- £40,000,000 but this, as we shall see hereafter, is a case that would be very unlikely to occur under any ordinary circumstances. During the operation of the ten years’ arrangement with the country banks, the system would necessarily undergo a slight alteration with each successive year, and would not therefore be altogether so simple as the preceding; but it would present no very peculiar complexity. For, a reference to page 38 will show the number of notes which the Bank would be allowed to issue in addition to the £3,000,000 at the medium rate, together with the first £11,000,000 to be issued at the minimum rate; and if the Bank should at any time exceed the total of these three items, whatever notes might be issued in excess would be liable to the maximum rate. For example, in the year 1860 the number of notes allowed to be issued at the medium rate would be £3,200,000, added to £3,000,000, together £6,200,000; if, therefore, the gross circulation in that year should at any given time amount to £33,000,000, the bullion notes being £14,000,000, the unrepresented notes would be charged in this way: Issued on bullion, £14,000,000 ” at the minimum rate, 11,000,000 ” at the medium rate, 6,200,000 ” at the maximum rate, 1,800,000 ---------- £33,000,000 and if we include the country issues, so as to present a view of the total circulation of the country in such a case, we shall have Issued on bullion, £14,000,000 ” at the minimum rate, £11,000,000 ” at the medium rate, 6,200,000 ” by the country banks, 4,800,000 ---------- 22,000,000 ” at the maximum rate, 1,800,000 ----------- £37,800,000 and in like manner in 1861 the number of notes allowed to be issued at the medium rate, would be £7,000,000; and so on until, in 1865, the medium rate would reach its permanent limit of £11,000,000. And, with this explanation, we shall hereafter confine ourselves exclusively to the permanent arrangement that would come into complete operation in 1866.