He would be a lender of such magnitude and so much influence, that he might command his own terms.

He might get his account kept safe if anyone could.
If, on the other hand, the Chancellor of the Exchequer were a borrower, as at times he is, he would have every facility in obtaining what he wanted.

The credit of the English Government is so good that he could borrow better than anyone else in the world.

He would have greater facility, indeed, than now, for, except with the leave of Parliament, the Chancellor of the Exchequer cannot borrow by our present laws in the open market.

He can only borrow from the Bank of England on what are called 'deficiency bills.' In a natural system, he would borrow of any one out of many competing banks, selecting the one that would lend cheapest; but under our present artificial system, he is confined to a single bank, which can fix its own charge.
If contrary to expectation a collapse occurred, the Government might withdraw, as the American Government actually has withdrawn, its balance from the bankers.