At dutch auctions an upset or maximum price used to be fixed by the seller, and

Many too wished to put their money where they could find it at an hour’s notice, and looked about for some species of property which could be more readily transferred than a house or a field. It is essential to the decisions of most business, and not least of the banking business, that they should be made constantly by the same persons; the chain of transactions must pass through the same minds. Unless, therefore, in times without precaution the actual reserve exceed the ‘apprehension minimum’ by at least the amount which may be taken away in the inevitable interval, and before the available precautions begin to operate, the rule prescribed will be infringed, and the actual reserve will be less than the ‘apprehension’ minimum. ‘When the reserve in the ultimate bank or banks–those keeping the reserve–runs low, it cannot be augmented by the same means that other and dependent banks commonly adopt to maintain their reserve, for the dependent banks trust that at such moments the ultimate banks will be discounting more than usual and lending more than usual.

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