[Lombard Street: A Description of the Money Market by Walter Bagehot]@TWC D-Link book
Lombard Street: A Description of the Money Market

CHAPTER VII
15/57

Mr.Hankey's is the last explanation we have had of the policy of the Bank.

He is a very experienced and attentive director, and I think expresses, more or less, the opinions of other directors.

And what do we find?
Setting aside and saying nothing about the remarkable speech of the Governor in 1866, which at least (according to the interpretation of the 'Economist') was clear and excellent, Mr.Hankey leaves us in doubt altogether as to what will be the policy of the Bank of England in the next panic, and as to what amount of aid the public may then expect from it.

His words are too vague.

No one can tell what a 'fair share' means; still less can we tell what other people at some future time will say it means.


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