Somehow everybody feels the Bank is sure to come right.

In 1797, when it had scarcely any money left, the Government said not only that it need not pay away what remained, but that it must not.

The 'effect of letters of licence' to break Peel's Act has confirmed the popular conviction that the Government is close behind the Bank, and will help it when wanted.

Neither the Bank nor the Banking Department have ever had an idea of being put 'into liquidation;' most men would think as soon of 'winding up' the English nation.
Since then the Bank of England, as a bank, is exempted from the perpetual apprehension that makes other bankers keep a large reserve the apprehension of discredit--it would seem particularly necessary that its managers should be themselves specially interested in keeping that reserve, and specially competent to keep it.

But I need not say that the Bank directors have not their personal fortune at stake in the management of the Bank.