The good and efficient working of a board of Bank directors depends on its internal harmony, and that harmony would be broken for ever by the excitement, the sayings, and the acts of a great election.

The board of directors would almost certainly be demoralised by having to choose a sovereign, and there is no certainty, nor any great likelihood, indeed, that they would choose a good one.

In France the difficulty of finding a good body to choose the Governor of the Bank has been met characteristically.

The Bank of France keeps the money of the State, and the State appoints its governor.

The French have generally a logical reason to give for all they do, though perhaps the results of their actions are not always so good as the reasons for them.