Trade immediately revived. Labour became abundant, and everyone, high or low, in the country, felt immediate relief and benefit. Unfortunately, with the return to prosperity came the usual unwise rebound in public feeling. Everything became _couleur de rose_. The wildest joint stock enterprises were projected. Capital, obtained on easy terms of credit, was forced into every branch of commerce. Trade was pushed beyond legitimate requirements. Imports of cotton, wine, and silk increased so far beyond their usual amount, that the rates of exchange turned against this country. The Bank of England, in self-defence, "put on the screw." Money invested in distant countries, in speculative operations, was now badly wanted at home. Suspicion arose, and confidence was shaken. Merchants, in default of their usual help from bankers, suspended payment. Bankers themselves, having depended upon the return of their former advances, were in great peril. Alarm having become general, there was a simultaneous run for gold throughout the country, with the result that in a very short time seventy-nine banks stopped payment, of which no fewer than fifty-nine became bankrupt. The whole kingdom was in a frightful state of consternation. Failure followed failure in rapid succession. The whole circulation of the country was deranged, and at the beginning of December, 1825, the Bank of England stock of cash amounted only to a very few thousand pounds. Ministers were called together in haste, and Cabinet Councils were daily held. It was decided to issue two millions sterling of Exchequer bills, upon which the bank was authorised to issue an equal amount of notes. The bank was also "recommended" to make advances of a further sum of three millions, upon the security of produce and general merchandise. At this moment a fortunate discovery was made which did more to allay the excitement than the measures just mentioned. The bank had ceased to issue one pound notes six years before, and it was thought that they had all been destroyed. Accidentally, and most opportunely, when things were at the worst, one of the _employes_ of the Bank, in searching a store-room, found a case of the L1 unissued notes, which had escaped observation at the time of the destruction. They were at once issued to the public, by whom they were hailed with delight, as the first "bit of blue" in the monetary sky. Under these re-assuring circumstances the panic soon subsided, but it left its blighting legacy of misery, ruin, diminished credit, and general embarrassment. The banking laws were soon after altered. The Bank of England was induced to forego its exclusive monopoly of having more than six proprietors, and the formation of joint stock banks consequently became possible. A new era in banking commenced, which, modified from time to time, has existed down to the present time.