In the panic of 1825, the Bank of England at first acted as unwisely as it was possible to act.

By every means it tried to restrict its advances.

The reserve being very small, it endeavoured to protect that reserve by lending as little as possible.

The result was a period of frantic and almost inconceivable violence; scarcely any one knew whom to trust; credit was almost suspended; the country was, as Mr.Huskisson expressed it, within twenty-four hours of a state of barter.

Applications for assistance were made to the Government, but though it was well known that the Government refused to act, there was not, as far as I know, until lately any authentic narrative of the real facts.