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281 THE BILL BROKERS 281 keeps the final banking reserve, the bill brokers of necessity have to resort to that final reserve; so that at every panic, and by the essential constitution of the Money Market, the Bank of England has to help, has to maintain in existence, the dealers, who never in return help the Bank at any time, but who are in ordinary times its closest competitors and its keenest rivals.

It might be expected that such a state of things would cause much discontent at the Bank of England, and in matter of fact there has been much discussion about it, and much objection taken to it. After the panic of 1857, this was so especially. During that panic, the Bank of England advanced to the bill brokers more than £9,000,000, though their advances to bankers, whether London or country, were only £8,000,000; and, not unnaturally, the Bank thought it unreasonable that so large an inroad upon their resources should be made by their rivals. In consequence, in 1858 they made a rule that they would only advance to the bill brokers at certain seasons of the year, when the public money is particularly large at the Bank, and that at other times any application for an advance should be considered exceptional, and dealt with accordingly. And the object of that regulation was officially stated to be "to make them keep their own reserve, and not to be dependent on the Bank of