The great exchange dealers may have a little for their own purposes, but they have no store worth mentioning in comparison with this.

If a foreign creditor is so kind as to wait his time and buy the bullion as it comes into the country, he may be paid without troubling the Bank or distressing the money market.

The German Government has recently been so kind; it was in no respect afraid.

But a creditor who takes fright will not wait, and if he wants bullion in a hurry he must come to the Bank of England.
In consequence all our credit system depends on the Bank of England for its security.

On the wisdom of the directors of that one Joint Stock Company, it depends whether England shall be solvent or insolvent.