That at this rate these advances should be made on all good banking securities, and as largely as the public ask for them.
The reason is plain.

The object is to stay alarm, and nothing therefore should be done to cause alarm.

But the way to cause alarm is to refuse some one who has good security to offer.

The news of this will spread in an instant through all the money market at a moment of terror; no one can say exactly who carries it, but in half an hour it will be carried on all sides, and will intensify the terror everywhere.

No advances indeed need be made by which the Bank will ultimately lose.