388 | * REMARKS ON SPECIE RESERVES AND BANK DEPOSITS. 
the individual, augments the pressure and the danger for the public. But if, by any 
means, the increased deposits can be thrown into one large fund, every enlargement 
of this fund increases the facility of making loans, and thus, without any diminution 
of the individual’s security, the whole trading community is protected from harm. 
For each merchant to increase his own deposits with a view only to his own security, ` 
is an act precisely analogous to hoarding specie when bank-notes are thought to 
be imperilled. Hoarding is the only source of the danger, and each particular act 
of it augments the risk. Bring the hoards together into one banking fund, on 
the principle of a mutual insurance company, and a double precaution is taken; 
the same act removes the source of the difficulty and augments the means of 
protection. 
