But the banking of great cities is little concerned with loans on landed property. 4d. There is no more unsafe government for a bank than that of an eager and active manager, subject only to the supervision of a numerous board of directors, even though that board be excellent, for the manager may easily glide into dangerous and insecure transactions, nor can the board effectually check him. Accordingly the bankers who for a long series of years passed successfully this strict and continual investigation, became very wealthy and very powerful.
By the elimination of both precious metals, to the utmost extent that public opinion will permit, from amongst the hoards and the circulation of the country, they ought to counteract an uncivilised and wasteful habit. and the Alexandrian exchange on London below par, Egyptian gold competes with Councils as a means of remittance to India. The joint stock banks, and the private banks, no doubt, too, keep one sort of reserve, and the Bank of England a different kind of reserve altogether.