, ▁highlight ed ▁the ▁need ▁for ▁improved ▁reg ulation . ▁The ▁Limited ▁Li ability ▁Act ▁of ▁ 1 8 5 5 ▁and ▁the ▁Comp an ies ▁Act s ▁of ▁ 1 8 5 6 ▁and ▁ 1 8 6 2 ▁attempted ▁to ▁reg ulate ▁the ▁market ▁better , ▁with ▁the ▁effect ▁of ▁making ▁invest ment ▁more ▁accessible ▁to ▁individuals ▁and ▁invest ors . ▁ ▁The ▁crash ▁led ▁to ▁such ▁a ▁f ren zy ▁that ▁London ▁bank ers ▁and ▁their ▁clients ▁called ▁for ▁the ▁government ▁to ▁protect ▁their ▁credit ▁by ▁susp ending ▁convert ibility , ▁as ▁it ▁had ▁with ▁the ▁Bank ▁Rest riction ▁Act ▁of ▁ 1 7 9 7 . ▁This ▁the ▁government , ▁wor ried ▁by ▁falling ▁exchange ▁rates ▁and ▁in ▁an ▁effort ▁to ▁maintain ▁cred ibility , ▁refused ▁to ▁do . ▁But ▁to ▁help ▁alle vi ate ▁public ▁pan ic , ▁the ▁government ▁implemented ▁a ▁series ▁of ▁re forms ▁which ▁addressed ▁the ▁crisis ▁as ▁it ▁was ▁perce ived ▁at ▁the ▁time . ▁ ▁Small ▁banks ▁would ▁be ▁replaced ▁by ▁branches ▁of ▁the ▁Bank ▁of ▁England ▁ ▁London ▁banks ▁would ▁be ▁allowed ▁to ▁comp ete ▁for ▁government ▁contract s ▁and ▁business , ▁removing ▁the ▁mon opol y ▁the ▁Bank ▁had ▁enjoyed ▁during ▁the ▁Napole onic ▁Wars . ▁ ▁The ▁gold ▁standard ▁would ▁be ▁extended ▁to ▁Scotland ▁to ▁help ▁rein ▁in ▁reli ance ▁on ▁fi at ▁money . ▁These ▁re forms ▁helped ▁to ▁central ize ▁the ▁financial ▁industry ▁and ▁sh aped ▁the ▁way ▁that ▁the ▁public ▁understood ▁money , ▁the ▁economy , ▁and