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Updated: June 20, 2025
When the people, by these affected panics, were wrought up to a sufficient degree of rage and terror, it was thought proper that the accused members should, with a triumphant and military procession, take their seats in the house. The river was covered with boats and other vessels, laden with small pieces of ordnance, and prepared for fight.
Even before the expected battle had begun, one of those hideous and unaccountable panics which sometimes break out like a moral pestilence to destroy all the virtue of an army, and to sweep away the best-considered schemes of a general, had spread through Ernest's entire force.
Selecting the prettiest, liveliest child in the Asylum, she took it home on trial for a week. "A perfect cherub" she pronounced it the first day, but an "enfant terrible" before the week was over, for the young hero rioted by day, howled by night, ravaged the house from top to bottom, and kept his guardians in a series of panics by his hairbreadth escapes.
On various occasions, most influential persons, both in the government of the Bank and out of it, have said that such was their opinion. And we must at once see whether this opinion is true or false, for it is absurd to attempt to estimate the conduct of the Bank of England during panics before we know what the precise position of the Bank in a panic really is.
There are such things as panics and rushes which get beyond the control of a handful of officers, even if armed, and where even the bravest of men get swept off their feet mentally as well as physically.
Two public banks had long been renowned throughout Europe, the Bank of Saint George at Genoa, and the Bank of Amsterdam. The immense wealth which was in the keeping of those establishments, the confidence which they inspired, the prosperity which they had created, their stability, tried by panics, by wars, by revolutions, and found proof against all, were favourite topics.
It is understood that the Monetary Commission have looked into the systems of banking which now prevail abroad, and have found that by a control there exercised in respect to reserves and the rates of exchange by some central authority panics are avoided. It is not apparent that a system of postal savings banks would in any way interfere with a change to such a system here.
So my whole poor family, having got over such panics and hardships, without delay procured earthen vessels to supply the place of the pewter dishes and porringers, and we all dined together very cheerfully: indeed, I do not remember having ever in my life eaten a meal with greater satisfaction or with a better appetite.
Logically, there has followed, periods of stagnation, labor riots on account of reduced wages, periods of enforced idleness, and panics in the money market; all culminating in a loud demand for relief from the burden of over-production, by securing control of foreign markets.
There wanted not any farther account to stir up the archers to a pursuit, from whence they already assured themselves they should be considerable gainers, the thing speaking for itself, since honest people are not used to fall into such panics; but only guilt creates apprehensions in men at the sight of the ministers of justice.
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