its strongest explication. As stated by Frank Fetter (1978), “Bagehot may not have said more than Francis Baring and Henry Thornton had said over sixty years before, but he said it in a way that carried conviction to a wider audience and to a new generation who no longer accepted all the premises which Thornton’s and Baring’s conclusions had sprung” (Fetter, 1978). According to Bagehot (1873) in Lombard Street, in a panic situation the LOLR should lend freely but at a penalty rate against good collateral to illiquid but solvent institutions.