We must look first to the foreign drain, and raise the rate of interest as high as may be necessary.

Unless you can stop the foreign export, you cannot allay the domestic alarm.

The Bank will get poorer and poorer, and its poverty will protract or renew the apprehension.

And at the rate of interest so raised, the holders--one or more-of the final Bank reserve must lend freely.

Very large loans at very high rates are the best remedy for the worst malady of the money market when a foreign drain is added to a domestic drain.