It is not unreasonable that our ultimate treasure in particular cases should be lent; on the

The earlier Banks, coming under this description, were usually under European management. The Bank of France keeps the money of the State, and the State appoints its governor. . : a great alarm pervaded society, and generated an eager controversy, out of which ultimately emerged the Act of 1844. . The objects which you see in Lombard Street, and in that money world which is grouped about it, are the Bank of England, the Private Banks, the Joint Stock Banks, and the bill brokers. These banks depend on being able in a panic to realise their securities. The only unused sum is the reserve in the Banking Department of the Bank of England: if, therefore, in a panic that Department itself attempt to sell stock, the failure would be ridiculous. Speaking broadly, two things happened: during the war England was the best place of shelter for foreign money, and this made money more cheap here than it would otherwise have been; after the war England became the most convenient paying place, and the most convenient resting place for money, and this again has made money cheaper.

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