The really best man would probably not be so rich as the majority of the directors, nor of so much standing, and not unnaturally they would much dislike to elevate to the headship of the City, one who was much less in the estimation of the City than themselves.

And they would be canvassed in every way and on every side to appoint a man of mercantile dignity or mercantile influence.

Many people of the greatest prestige and rank in the City would covet so great a dignity; if not for themselves, at least for some friend, or some relative, and so the directors would be set upon from every side.
An election so liable to be disturbed by powerful vitiating causes would rarely end in a good choice.

The best candidate would almost never be chosen; often, I fear, one would be chosen altogether unfit for a post so important.

And the excitement of so keen an election would altogether disturb the quiet of the Bank.