And the difficulty of dealing with a panic (as the administration of the bank is forced

[121] While I am inclined to think that it would be more convenient to deal with this matter in a separate Bill, the important point is that decided action of some kind should be taken with the least possible delay. It is clear, then, that we must not fly from a glance at column (1) of the table on p. 1907. But we do not always manage it with discretion. So long, therefore, as the gold is freely available either in India or in London for the support of exchange, it is unlikely that it can be withheld from the London Money Market if this Market really wants it. And this foreign deposit is evidently of a delicate and peculiar nature. A certain number of directors attending daily by rotation is, it should be said, no substitute for a permanent committee. England has a special machinery for getting into trade new men who will be content with low prices, and this machinery will probably secure her success, for no other country is soon likely to rival it effectually. No country has ever been so exposed as England to a foreign demand on its banking reserve, not only because at present England is a large borrower from foreign nations, but also (and much more) because no nation has ever had a foreign trade of such magnitude, in such varied objects, or so ramified through the world.

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