‘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. But the idea that the bankers’ balances ought never to be lent is only a natural aggravation of the truth that these balances ought to be used with extreme caution; that as they entail a liability peculiarly great and singularly difficult to foresee, they ought never to be used like a common deposit. But Charles II. │ N. As far as prosperity is based on a greater quantity of production, and that of the right articles–as far as it is based on the increased rapidity with which commodities of every kind reach those who want them–its basis is good.
Many people of the greatest prestige and rank in the City would covet so great a dignity; if not for themselves, at least for some friend, or some relative, and so the directors would be set upon from every side.