In 1825, the entire concern almost suspended payment; in 1797, it actually did so.

But still there is a faith in the Bank, contrary to experience, and despising evidence.
No doubt in every one of these years the condition of the Bank, divided or undivided, was in a certain sense most sound; it could ultimately have paid all its creditors all it owed, and returned to its shareholders all their own capital.

But ultimate payment is not what the creditors of a bank want; they want present, not postponed, payment; they want to be repaid according to agreement; the contract was that they should be paid on demand, and if they are not paid on demand they may be ruined.

And that instant payment, in the years I speak of, the Bank of England certainly could not have made.

But no one in London ever dreams of questioning the credit of the Bank, and the Bank never dreams that its own credit is in danger.