No doubt, formerly the Bank of England could issue what it pleased, but that historical reminiscence makes it no stronger now that it can no longer so issue.

We must deal with what is, not with what was.
And a still worse argument is also used.

It is said that because the Bank of England keeps the 'State account' and is the Government banker, it is a sort of 'public institution' and ought to help everybody.

But the custody of the taxes which have been collected and which wait to be expended is a duty quite apart from panics.

The Government money may chance to be much or little when the panic comes.