their example

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their example

The bank of England followed their example, and the great rule of one third as much specie as the amount of their circulation was the inference of MBT Sale an industrious German writer,deduced from facts which were of general notoriety, and was never, until lately, avowed by them, as the rule of their conduct. The same air of mystery, and aim at concealment, prevailed in the first banks of the United States. They seemed to have been thought essential to the safety of the banks. But sounder views being entertained by some ofSee Stewart's Political Economy.our statesmen, and supported as they were by MBT Shoes Sale the popular jealousy that has always existed in a greater or less degree against these institutions, and which their very secrecy tended to heighten, they gradually began to lift up the veil that had hitherto concealed the condition of banks from the public eye, and at length tore it off altogether. In the first instance, the banks resisted these disclosures as fraught with danger, from popular ignorance and misapprehension; and they often resisted them successfully. But the controlling power which the legislatures exercise, both in granting charters, and in the management of some of the banks, having been partially exerted to show the condition of those banks to the people, particularly after the first suspension, without being followed by any of the apprehended mischiefs, the practice was extended, until it became general; and now nothing seems to be better established, than that, as the former mystery and secrecy of banks was the parent of fear, suspicion, and ill-will with the people, so nothing is MBT Shoes more certain to strengthen confidence, where confidence is due, than MBT Trainers a full and candid statement of their condition. Every one is satisfied that, while the bank has not specie enough in its vaults to redeem all its notes, MBT it has enough to redeem all that will probably be returned to it at any one time; and, although, in an extraordinary state of things, its specie should be exhausted, still, as it has debts due from other people correspondent to its own debts, and its capital stock besides, it will eventually be able to pay off its notes.