It was simply a large corporate dealer, making bids and much influencing--though in no sense compelling--other dealers thereby.
But though the value of money is not settled in an exceptional way, there is nevertheless a peculiarity about it, as there is about many articles.

It is a commodity subject to great fluctuations of value, and those fluctuations are easily produced by a slight excess or a slight deficiency of quantity.

Up to a certain point money is a necessity.

If a merchant has acceptances to meet to-morrow, money he must and will find to-day at some price or other.

And it is this urgent need of the whole body of merchants which runs up the value of money so wildly and to such a height in a great panic.