He must arrange his finances so as not to intensify panics, but to mitigate them.

He must aid the Bank of England in the discharge of its duties; he must not impede or prevent it.
His aid may be most efficient.

He is, on finance, the natural exponent of the public opinion of England.

And it is by that opinion that we wish the Bank of England to be guided.

Under a natural system of banking we should have relied on self-interest, but the State prevented that; we now rely on opinion instead; the public approval is a reward, its disapproval a severe penalty, on the Bank directors; and of these it is most important that the finance minister should be a sound and felicitous exponent..