At every period of incipient panic the holders of it would perceive that it was of great importance to themselves to support these dependent dealers. ” These have been as follows:— ┌─────────┬───────────────┬───────────────┐ │ │ Post Offices.
If that alarm is not so met, it aggravates into a panic, which is an opinion that most people, or very many people, will not pay their creditors; and this too can only be met by enabling all those persons to pay what they owe, which takes a great deal of money. Hardly any capital is enough to employ the principal partner’s time, and if such a man is very busy, it is a sign of something wrong.
The Parliamentary Under-Secretary–the Deputy-Governor, so to speak, of that office–changes nearly as often.
But as the Bank of England alone keeps the final banking reserve, the bill-brokers of necessity have to resort to that final reserve; so that at every panic, and by the essential constitution of the money market, the Bank of England has to help, has to maintain in existence, the dealers, who never in return help the Bank at any time, but who are in ordinary times its closest competitors and its keenest rivals.