At present the Board of Directors are a sort of semi-trustees for the nation.

I would have them real trustees, and with a good trust deed.
Secondly.

The government of the Bank should be improved in a manner to be explained.

We should diminish the 'amateur' element; we should augment the trained banking element; and we should ensure more constancy in the administration.
Thirdly.

As these two suggestions are designed to make the Bank as strong as possible, we should look at the rest of our banking system, and try to reduce the demands on the Bank as much as we can.
The central machinery being inevitably frail, we should carefully and as much as possible diminish the strain upon it.
But to explain these proposals, and to gain a full understanding of many arguments that have been used, we must look more in detail at the component parts of Lombard street, and at the curious set of causes which have made it assume its present singular structure..