The Nature and Functions of Credit. 65 



I refer to this institution only as an illustration of what sound 

 banking is, and of what it does for the common weal. Banking 

 is simply the chief agency of credit^ and its true function is at the 

 same time to facilitate and to regulate all operations of credit, so 

 as to draw out to the utmost the resources and energies of a people 

 in fruitful industry. Eightfully managed, on a sound basis, it is 

 an agency for unspeakable good; on an unstable basis, abused 

 for purposes of greed and fraud, it is an instrument of unspeak- 

 able mischief. 

 5 



