The English Government, far from keeping cash from the money market till the position of that market was reasonably secure, at a very early moment, and while credit of all kinds was most insecure, for its own interests entered into the Money Market.

In order to effect loans better, it gave the custody and profit of its own money (along with other privileges) to a single bank, and therefore practically and in fact it is identified with the Bank of this hour.

It cannot let the money market take care of itself because it has deposited much money in that market, and it cannot pay its way if it loses that money.
Nor would any English statesman propose to 'wind up' the Bank of England.

A theorist might put such a suggestion on paper, but no responsible government would think of it.

At the worst crisis and in the worst misconduct of the Bank, no such plea has been thought of: in 1825 when its till was empty, in 1837 when it had to ask aid from the Bank of France, no such idea was suggested.