The Governor of the Bank of France has not always, I am told, been a very competent person; the Sub-Governor, whom the State also appoints, is, as we might expect, usually better.

But for our English purposes it would be useless to inquire minutely into this.
No English statesman would consent to be responsible for the choice of the Governor of the Bank of England.

After every panic, the Opposition would say in Parliament that the calamity had been 'grievously aggravated,' if not wholly caused, by the 'gross misconduct' of the Governor appointed by the ministry.

Or, possibly, offices may have changed occupants and the ministry in power at the panic would be the opponents of the ministry which at a former time appointed the Governor.

In that case they would be apt to feel, and to intimate, a 'grave regret' at the course which the nominee of their adversaries had 'thought it desirable to pursue.' They would not much mind hurting his feelings, and if he resigned they would have themselves a valuable piece of patronage to confer on one of their own friends.