The last three months have been remarkable for the panic in the money market, which lasted for a week or ten days--that is, was at its height for that time. The causes of it had been brewing for some months before, and he must be a sanguine and sagacious politician who shall predict the termination of its effects. There is now no panic, but the greatest alarm, and every prospect of great distress, and long continuation of it. The state of the City, and the terror of all the bankers and merchants, as well as of all owners of property, is not to be conceived but by those who witnessed it. This critical period drew forth many examples of great and confiding liberality, as well as some of a very opposite character. Men of great wealth and parsimonious habits came and placed their whole fortunes at the disposal of their bankers in order to support their credit. For many days the evil continued to augment so rapidly, and the demands upon the Bank were so great and increasing; that a Bank restriction was expected by everyone. So determined, however, were Ministers against this measure, that rather than yield to it they suffered the Bank to run the greatest risk of stopping; for on the evening of the day on which the alarm was at its worst there were only 8,000 sovereigns left in the till.[1] The next day gold was poured in, and from that time things got better. [1] [Mr. Baring (Lord Ashburton) stated in his pamphlet on this crisis, 'The gold of the Bank was drained to within a very few thousand pounds, for although the public returns showed a result rather less scandalous, a certain Saturday night closed with nothing worth mentioning. It was then that the Bank applied to Lord Liverpool for an Order in Council to suspend cash payment. A conference took place between Lord Liverpool, Mr. Huskisson, the governor of the Bank, and Mr. Baring. The suspension of cash payments was happily averted, chiefly as it was said by the accidental discovery of a box of one-pound Bank of England notes, to the amount of a million and a half, which had never been issued, and which the public were content to receive.' Mr. Tooke, however, states in his 'History of Prices' (Continuation, vol. iv. p. 342) that the lowest amount of the banking treasure was on the 24th of December, 1825: Coin, £426,000; bullion, £601,000: in all, £1,027,000. The passage in the text refers of course to the banking department only.]