However the article had at least this use, that it brought out the facts.

All the directors would have felt a difficulty in commenting upon, or limiting, or in differing from, a speech of a Governor from the chair.

But there was no difficulty or delicacy in attacking the 'Economist.' Accordingly Mr.Hankey, one of the most experienced bank directors, not long after, took occasion to observe: 'The "Economist" newspaper has put forth what in my opinion is the most mischievous doctrine ever broached in the monetary or banking world in this country; viz, that it is the proper function of the Bank of England to keep money available at all times to supply the demands of bankers who have rendered their own assets unavailable.

Until such a doctrine is repudiated by the banking interest, the difficulty of pursuing any sound principle of banking in London will be always very great.

But I do not believe that such a doctrine as that bankers are justified in relying on the Bank of England to assist them in time of need is generally held by the bankers in London.
'I consider it to be the undoubted duty of the Bank of England to hold its banking deposits (reserving generally about one-third in cash) in the most available securities; and in the event of a sudden pressure in the money market, by whatever circumstance it may be caused, to bear its full share of a drain on its resources.