And the Bank do not say to the mercantile community, or to the bankers, "Do not come to us again.

We helped you once.

But do not look upon it as a precedent.

We will not help you again." On the contrary, the evident and intended implication is that under like circumstances the Bank would act again as it has now acted.' This article was much disliked by many of the Bank directors, and especially by some whose opinion is of great authority.

They thought that the 'Economist' drew 'rash deductions' from a speech which was in itself 'open to some objection--'which was, like all such speeches, defective in theoretical precision, and which was at best only the expression of an opinion by the Governor of that day, which had not been authorised by the Court of Directors, which could not bind the Bank.