The best candidate would almost never be chosen; often, I fear, one would be chosen altogether unfit for a post so important. As an effective influence on the Money Market the Presidency Bank Rates do not stand, and do not pretend to stand, in a situation comparable in any respect with the Bank of England’s.
After every panic, the Opposition would say in Parliament that the calamity had been ‘grievously aggravated,’ if not wholly caused, by the ‘gross misconduct’ of the Governor appointed by the ministry. The Bank will get poorer and poorer, and its poverty will protract or renew the apprehension.
The way in which the panic of 1825 was stopped by advancing money has been described in so broad and graphic a way that the passage has become classical. A new bank could not make these profits, or even by its competition much reduce these profits; in attempting to do so, it would simply ruin itself. In his, Mr. It is not unreasonable that our ultimate treasure in particular cases should be lent; on the contrary, we keep that treasure for the very reason that in particular cases it should be lent.