Any notion that money is not to be had, or that it may not be had at any price, only raises alarm to panic and enhances panic to madness. There is a cardinal difference between banking and other kinds of commerce; you can afford to run much less risk in banking than in commerce, and you must take much greater precautions.
The young part of the board is the fluctuating part, and the old part is the permanent part; and therefore it is not surprising that the young part has little influence. The German Government, as is well known, keeps its account (and a very valuable one it must be) at the London Joint Stock Bank; but the Bank of England has no access to the account of the German Government at that bank; they cannot tell how much German money is lying to the credit there. Before we pass on to other aspects of the question, a word may be added with special reference to the very large gold imports of quite recent date (_i. The steady deterioration of the position, as shown in the above figures, is exceedingly marked.