They accordingly accumulated a large deposit at the Bank to the amount of 3,000,000 L., and then withdrew it all at once.

But this policy had no effect, except that of exciting a distrust of 'Overends': the credit of the Bank of England was not diminished; Overends had to return the money in a few days, and had the dissatisfaction of feeling that they had in vain attempted to assail the solid basis of everyone's credit, and that everyone disliked them for doing so.

But though this un-conceived attempt failed as it deserved, the rule itself could not be maintained.

The Bank does, in fact, at every period of pressure, advance to the bin-brokers; the case may be considered 'exceptional,' but the advance is always made if the security offered is really good.

However much the Bank may dislike to aid their rivals, yet they must aid them; at a crisis they feel that they would only be aggravating incipient demand, and be augmenting the probable pressure on themselves if they refused to do so.
I shall be asked if this anomaly is inevitable, and I am afraid that for practical purposes we must consider it to be so.