In truth, the system now established in regard to the bank by the acts of 1819 and 1844, _necessarily_ induces that very feverish excitement in periods of prosperity, and sudden contraction in those of adversity, of the consequences of which Sir R. Peel so loudly complains. When the bank is obliged to accumulate and keep in its vaults so prodigious a treasure as £15,000,000 in prosperous times, and £9,000,000 or £10,000,000 in those of adversity, _lying_ dead in its possession; _how is it to indemnify itself for so vast an outlay_, without, whenever an opportunity presents itself, pushing its circulation to the utmost? The very interest of this treasure amounts, at 5 _per cent._, to above £700,000 a-year; at 7 _per cent._, the present rate, it will reach a million. How is this sum to be made up, the expense of the establishment defrayed, and any profit at all realised for the proprietors, if paper, to a large amount, is not pushed out whenever an opportunity presents itself for doing so to advantage? Again, in adverse times, when there is a heavy drain upon the establishment for buying foreign grain, or discharging adverse exchanges, how is the bank to avoid insolvency, without at once, and suddenly, contracting its issues? The thing is unavoidable. Undue encouragement to speculation in prosperity, and undue contraction of credit in adversity, is to the Bank, since the acts of 1819 and 1844, not merely an essential preliminary to profit, but in trouble the condition of existence. Yet Sir R. Peel complains of the Bank doing that which his own acts have rendered indispensable to that establishment.