The City Editors are still optimist, but monetary confidence is
not yet restored. The idea is that one or two Banks in the North have been weakened by the Glasgow failure, and that all Banks must be strict with customers, and thus perhaps precipi- tate failures. The country banks are clearly protecting them- selves, and though the Bank of England has not raised its rate, it has bought during the fortnight nearly two millions of gold, yet its Reserve has declined from twelve millions to ten. There may be no reason for alarm, terribly impoverished as many businesses have been, but the denials as to the existence of uneasiness are far too absolute. The Times has hoisted, very cautiously, a storm signal ; and the condition of the Stock Exchange, where even Consols droop, is proof sufficient of anxiety. One Bank going would produce a panic, but this is so well understood, that the very danger will probably cause efforts sufficient to prevent it.
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