The process

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The process

The process here described may be very slow in some countries ; but in those which, like the United States, have once been familiar with a convertible paper currency, and by that familiarity have been taught to know all its convenience, and to disregard its risks, the paper of private bankers would obtain circulation immediately, if our banking corporations were abolished.Supposing, then, the currency which is now supplied by joint-stock and chartered banks to be supplied by single bankers and capitalists; in what respect is the public a gainer MBT Shoes Sale by the exchange i We have the means of answering this questiofi, by adverting to the state of things in England (where private banking prevails) in ; when the public distress, caused by the failure of about eighty of these banks, exceeded any thing (it was affirmed in parliament) which had occurred in Europe since the failure of the Mississippi bank in France, about a century before. The sufferings of no part of our community, from the failure or even general suspension of banks, have ever approached to any thing like what were then experienced in England; and it was the lesson then taught the nation, which MBT Sale induced it to change its banking system, and MBT Trainers to erect joint-stock banks, such as exist in this country, as safer and better than private banking. Banks formed by large associations of individuals, besides the probability of their greater wealth and stability, can be subjected to a system of regulation, of inspection, and control, that would be impracticable with private bankers. No one would think of extending to these the supervision which is now exercised by bank commissioners, in some of the states; and, though it were, it would be far more easily evaded. Nor can chartered banks, (if the legislatures exercise MBT Shoes but ordinary prudence,) to much extent, entail on the community the evil consequences of their own bankruptcy. The speculations which are so MBT feasible to an individual banker, and to which he is so strongly incited by the facility afforded by the credit of his paper, and by the gain being exclusively his own, are impracticable to a bank.