In 1909 it was found that the borrowers on the approved list could not take the full amount of the balances available for loan; and, in order to obtain employment for the funds, the broker was instructed, as a temporary measure, to deposit the excess amount from time to time with leading London banks, usually for periods of between one and three months. Gold Standard Reserve instituted out of profits of coinage. I am here speaking of bankers in the English sense, and in the sense that would surprise a foreigner. Their business does not allow them to keep much cash unemployed. A hundred people are talked about, and a thousand think,–‘Am I talked about, or am I not?’ ‘Is my credit as good as it used to be, or is it less?’ And every day, as a panic grows, this floating suspicion becomes both more intense and more diffused; it attacks more persons; and attacks them all more virulently than at first. 3rdly. 4–3/32d. If any large fraction of that money really was demanded, our banking system and our industrial system too would be in great danger.