That discussion was terminated by the Act of 1844.

By that Act the currency manages itself; the entire working is automatic.

The Bank of England plainly does not manage--cannot even be said to manage--the currency any more.

And naturally, but rashly, the only reason upon which a public responsibility used to be assigned to the Bank having now clearly come to an end, it was inferred by many that the Bank had no responsibility.

The complete uncertainty as to the degree of responsibility acknowledged by the Bank of England is best illustrated by what has been said by the Bank directors themselves as to the panic of 1866.