“No, I do not go so far as that. Here we come to the comic element of the tragedy, which shows the loose folly with which these Parliamentary bills are drawn. There is no penalty attached to the Act; it merely orders the bank to provide such a reserve by such a date. But if the bank doesn’t do it, there can be neither a fine inflicted, nor can the governor be put into prison for contumely. If I were governor of the Bank of England, I would snap my fingers at Parliament, at the Act, and at the gold-cornering syndicate. I should say that as soon as was convenient to me I would accumulate this reserve of a hundred million, but that such action was impossible in the time given, therefore I should make no attempt to comply with the Act at the present moment.” “What would be the result of such a statement on the part of the governor?” “I don’t know. It would probably have a quieting result; or it might further accentuate the panic. Of course, when the governor began to perceive that it was going to be difficult to get the gold, he should have approached Parliament while it was in session, and got a relief bill, postponing the date, say for another year, but, as I have, said, he stood on his dignity; the Government stands on _its_ dignity, and between the two of them they bring unnecessary ruin and disaster upon the country.” “Isn’t it possible the bank will get the seventy extra millions by the first of January?” “I see no possibility of it, unless they are prepared to pay two hundred millions for the accommodation to the Wall Street syndicate.” “Has the Wall Street syndicate got the gold? That is, the actual coin?” “Yes, and showing its confidence, the money is actually in vaults here in London, so the syndicate seems to have no fear that our Government will commandeer the gold as Kruger did before the Transvaal War began. I understand that the syndicate has notified the Bank of England that the price of this metal will rise two hundred thousand pounds each day until the bank accepts their proposals.” “Corbitt, must the gold held in reserve by the Bank of England be in actual sovereigns, or raw metal?” “Either one or the other.” “Suppose on the first of January the governor of the Bank of England were to announce that there are a hundred million pounds worth of gold in his vaults. What would be the effect on the country?”