“Very well, the object which the Act sought to attain is one I have advocated for ten years past, but the way of accomplishing it is another instance of the conceited folly of a democracy meddling in a science that demands years of training and minds of a certain caliber. A democracy thinks that the right way to do a thing is the method adopted in bringing down the walls of Jericho. They beat drums and blow trumpets, and march round and round. Now, the exasperating feature of this case is that the Chancellor of the Exchequer knew at the time the folly of his own action, although, of course, he did not perceive the tremendous disaster it was going to bring upon not only his own country, but practically all the solvent nations of the world. He should have withstood the pressure of his unreasonable and ignorant followers. He should have arranged an interview with the managers of the Bank of England; should have told them that a bill of this kind was inevitable if they did not themselves put their house in order. He should have arranged with them quietly, without any beating of tom-toms, and blowing of horns, for the bank slowly to accumulate the needed reserve. Then he should have got up in his place in Parliament, and announced that the Bank of England already held the amount in gold which all thoughtful financiers believed to be necessary if we are to get rid of this eternally fluctuating bank rate. “Of course, the Bank of England itself is also to blame; it being for all practical purposes a branch of the Government. It should have requested an interview, and come to some understanding before the bill passed into law. I expected that the lords would throw it out, and perhaps they thought the same. However, it passed both houses, received royal assent, and then the mischief was done. These very clever Wall Street men at once saw the possibilities of the situation, as they do with all amateur legislation. The bank remained silent and solemn; has given no word to this day, and then, at too late an hour, showed its distress by raising its bank rate again and again and again, hoping that would prove a magnet to attract gold, whereas it was merely hoisting a signal of distress, and acquainting the whole world with the fact it is drifting on a lee shore.” “Do you mean to say, Corbitt, that there’s a chance of the Bank of England stopping payment?”