Any notion that money is not to be had, or that it may not be had at any price, only raises alarm to panic and enhances panic to madness.

But though the rule is clear, the greatest delicacy, the finest and best skilled judgment, are needed to deal at once with such great and contrary evils.
And great as is the delicacy of such a problem in all countries, it is far greater in England now than it was or is elsewhere.

The strain thrown by a panic on the final bank reserve is proportional to the magnitude of a country's commerce, and to the number and size of the dependent banks--banks, that is, holding no cash reserve--that are grouped around the central bank or banks.

And in both respects our system causes a stupendous strain.

The magnitude of our commerce, and the number and magnitude of the banks which depend on the Bank of England, are undeniable.