JOINT-STOCK BANKING SYSTEM. 543 



the public, and as Joint Stock Banks, not being subject to failures and panics, 

 interfere less with the public, the public, in strictness of principle, have less to 

 do with them. There can therefore be little doubt that the private Banks are 

 just as deeply interested in any system of Legislation proposed for Joint Stock 

 Banks, as the Joint Stock Banks themselves, for what is applied to the one 

 must eventually be also applied to the other. It would be any thing but pru- 

 dent for the private bankers to deceive themselves on such a point Admitting 

 therefore, the principle of publicity of accounts judiciously applied to be a de- 

 sirable one, and one which will no doubt eventually be adopted, the question 

 to be considered is, whether it might not be premature at the present 

 moment ?" Examination of Report, p. 49, 50. 



We have thus, then, very lightly touched on the alleged imperfec- 

 tions of the new banking system, more, it must be owned, with the 

 view of calling our readers' attention to so important a subject than 

 of entering into a 'profound and learned discussion that would be 

 quite out of place in a magazine. Our readers are recommended 

 to the perusal of the authorities quoted at the commencement of the 

 article. Mr. Clay is quite right in saying, that by licensing the for- 

 mation of Joint-stock banks, we "called into existence an element of 

 tremendous power ;" but we cannot agree with him that it is at pre- 

 sent without controul. Whether or not it is sufficiently controlled ) 

 we say not. If we may be allowed to know any thing of these mat- 

 ters, our opinion very briefly stated is that it is highly inexpedient to 

 shackle^the movements of any body importantly connected with the 

 commercial world, further than is absolutely necessary to secure the 

 general safety. The public have a right to assure themselves of the 

 fact that banks have an adequate security for the payment of tbeir 

 liabilities ; but beyond this they have no right of interference whatever. 

 Violations of natural liberty are sometimes necessary for the public 

 good ; but such liberty should be infringed with the utmost caution, 

 and never without a positive necessity. 



