In fact, to make large advances in this faltering way is to incur the evil of making them without obtaining the advantage.

What is wanted and what is necessary to stop a panic is to diffuse the impression, that though money may be dear, still money is to be had.
If people could be really convinced that they could have money if they wait a day or two, and that utter ruin is not coming, most likely they would cease to run in such a mad way for money.

Either shut the Bank at once, and say it will not lend more than it commonly lends, or lend freely, boldly, and so that the public may feel you mean to go on lending.

To lend a great deal, and yet not give the public confidence that you will lend sufficiently and effectually, is the worst of all policies; but it is the policy now pursued.
In truth, the Bank do not lend from the motives which should make a bank lend.

The holders of the Bank reserve ought to lend at once and most freely in an incipient panic, because they fear destruction in the panic.