The abstract thinking of the world is never to be expected from persons in high places; the administration of first-rate current transactions is a most engrossing business, and those charged with them are usually but little inclined to think on points of theory, even when such thinking most nearly concerns those transactions.

No doubt when men's own fortunes are at stake, the instinct of the trader does somehow anticipate the conclusions of the closet.

But a board has no instincts when it is not getting an income for its members, and when it is only discharging a duty of office.

During the suspension of cash payments--a suspension which lasted twenty-two years--all traditions as to a cash reserve had died away.

After 1819 the Bank directors had to discharge the duty of keeping a banking reserve, and (as the law then stood) a currency reserve also, without the guidance either of keen interests, or good principles, or wise traditions.
Under such circumstances, the Bank directors inevitably made mistakes of the gravest magnitude.