Still much folly is common, and the business of a great bank requires a great deal of ability, and an even rarer degree of trained and sober judgment.
Three times since 1844 the Banking Department has received assistance, and would have failed without it. This would no longer be the case to nearly the same extent, even if the Government were to place much larger sums with the Banks. More moderate proposals of the same kind, however, deserve consideration.
Of course the deposits of bankers are not a strictly accurate measure of the resources of a Money Market. 14. This second group includes the Comptoir National d’Escompte de Paris, the Yokohama Specie Bank, the Deutsch–Asiatische Bank, the International Banking Corporation, and the Russo–Asiatic Bank.
In 1866 we held only a much smaller sum of foreign money, but that smaller sum was demanded and we had to pay it at great cost and suffering, and it would be far worse if we had to pay the greater sums we now hold, without better resources than we had then.