It is true the Bank of England has to lend the money by which they are filled.

The banker calls in his money from the bill-broker, ceases to re-discount for that broker, or borrows on securities, or sells securities; and in one or other of these ways he causes a new demand for money which can only at such times be met from the Bank of England.

Every one else is in want too.

But without inquiring into the origin of the increase at panics, the amount of the bankers' deposits in fact increases very rapidly; an immense amount of unused money is at such moments often poured by them into the Bank of England.

And nothing can more surely aggravate the panic than to forbid the Bank of England to lend that money.