The plan of appointing a permanent 'chairman' at the Bank of England is strongly supported by much modern experience.
Nevertheless, I hesitate as to its expediency; at any rate, there are other plans which, for several reasons, should, I think, first be tried in preference.
First.

This plan would be exceedingly unpopular.

A permanent Governor of the Bank of England would be one of the greatest men in England.

He would be a little 'monarch' in the City; he would be far greater than the 'Lord Mayor.' He would be the personal embodiment of the Bank of England; he would be constantly clothed with an almost indefinite prestige.

Everybody in business would bow down before him and try to stand well with him, for he might in a panic be able to save almost anyone he liked, and to ruin almost anyone he liked.