Prestige

«A permanent Governor of the Bank of England would be one of the greatest men in England. He would be a little "monarch" in the City; he would be far greater than the "Lord Mayor". He would be the personal embodiment of the Bank of England; he would be constantly clothed with an almost indefinite prestige. Everybody in business would bow down before him and try to stand well with him, for he might in a panic be able to ave almost anyone he liked, and to ruin almost anyone he liked. A day might come when his favour might mean prosperity, and his distrust might mean ruin. A position with so much real power and so much apparent dignity would be intensely coveted. Practical men would be apt to say that it was better than the Prime Ministership, for it would last much longer, and would have a greater jurisdiction over that which practical men would most value - over money.»

Lombard Street, Walter Bagehot