Those foreign loans, and the drain of bullion which they occasioned, speedily brought on the crisis. It was a very fearful one, and for the second time, at least, the Bank of England was in danger. It was then that mighty establishment owed its safety to the discovery of a neglected box of one pound notes, which, according to the evidence of Mr Harman, one of the principal directors, saved the credit of the country. The coffers of the bank were exhausted, almost to the last sovereign; and but for that most fortunate box, cash payments must have been suspended in December 1825, a position of affairs the issue of which no human intelligence could predicate. Subsequent legislation has not been able to guard us against the possibility of a similar recurrence. All that has been done is to insure the certainty of an earlier and more frequent panic, and to clog the wheels of commerce by rendering discounts impracticable at periods when no speculation is on foot. But as far as regards the stability of the Bank of England, under our present monetary laws, no provision has been made, in any way commensurate to the additional risk occasioned by the absorption of the twenty millions and upwards lodged in the savings-banks, all which must, when required, be repaid in the precious metals; and in case of any convulsion, or violent alarm, it is clear that such a demand would be made. The experience of 1832 has clearly demonstrated how the fate of a ministry may be made to depend upon the position of the establishment in Threadneedle Street.