But not so in a general panic.

Then, if he wants to sell 500,000 L.worth of Consols, he will not find 500,000 L.of fresh money ready to come into the market.

All ordinary bankers are wanting to sell, or thinking they may have to sell.

The only resource is the Bank of England.

In a great panic, Consols cannot be sold unless the Bank of England will advance to the buyer, and no buyer can obtain advances on Consols at such a time unless the Bank of England will lend to him.
The case is worse if the alarm is not confined to the great towns, but is diffused through the country.