ABSTRACT
What renders the whole thing more mysterious to those who do not look below the surface, and more absurd to those who do, is the fact that the Bank of England had, by common consent, an exceedingly good reserve when Mes.~rs. Overend, Gurney & Co.'s suspension took place-that reserve being then, as it is to-day, the only real reserve retained by the greatest commercial city to carry on tht~ greatf'st commet·cial transactions for the international business of the
The Bank of England did its best to check the panic, and advanced £4,000,000 in hot haste on stocks, bills, and any good security. But alt to no purpose. The banking department ran down to £3,000,000, and then, for the third time in two-and-twenty years, the Bank Act was suspended, t·elief was given by degrees, and the panic rapidly subsided.
