But we had to act before we could receive any such power, and before the Chancellor of the Exchequer was perhaps out of his bed we had advanced one-half of our reserves, which were certainly thus reduced to an amount which we could not witness without regret.

But we would not flinch from the duty which we conceived was imposed upon us of supporting the banking community, and I am not aware that any legitimate application made for assistance to this house was refused.

Every gentleman who came here with adequate security was liberally dealt with, and if accommodation could not be afforded to the full extent which was demanded, no one who offered proper security failed to obtain relief from this house." 'Now this is distinctly saying that the other banks of the country need not keep any such banking reserve--any such sum of actual cash--of real sovereigns and bank notes, as will help them through a sudden panic.

It acknowledges a "duty" on the part of the Bank of England to "support the banking community," to make the reserve of the Bank of England do for them as well as for itself.
'In our judgment this language is most just, and the Governor of the Bank could scarcely have done a greater public service than by using language so business-like and so distinct.

Let us know precisely who is to keep the banking reserve.