It was not until the year 1853 that the attempt to establish insti- tutions of this type was renewed.

29 In contrast to the attitude assumed towards banks of issue- was that regarding offices of discount.

As early as 1850 the question arose regarding the advisability of establishing such an office in order to alleviate the financial distress to which- business was subject whenever government payments were delayed.

These payments were largely Indian annuities and formed the main source of ready money for the traders, who- made easy prey of the Indians.

30 To render the financial sit- uation more acute, the money derived from the Indian pay- ments could not be retained for local circulation but was.