These banks depend on being able in a panic to realise their securities.

But it has been shown over and over again, that in a panic such securities can only be realised by the help of the Bank of England--that it is only the Bank with the ultimate cash reserve which has at such moments any new money, or any power to lend and act.

If in a general panic there were a run on the savings' banks, those banks could not sell 100,000 L.of Consols without the help of the Bank of England; not holding themselves a cash reserve for times of panic, they are entirely dependent on the one Bank which does hold that reserve.
This is only a single additional instance beyond the innumerable ones given, which shows how deeply our system of banking is fixed in our ways of thinking.

The Government keeps the money of the poor upon it, and the nation fully approves of their doing so.

No one hears a syllable of objection.