their notes womens as into coin at all times and under all
circumstances. No bank ought ever to be chartered without such restrictions
on its womens as business as to secure this result. All other restrictions are
womens as comparatively vain. This is the only true touchstone, the only efficient
regulator of a paper
currency--the only one which can guard the public
against overissues and bank suspensions. As a collateral and eventual
womens as security, it is doubtless wise, and in all cases ought to be required, that
banks shall hold an amount of
United States or State securities
equal to
their notes in circulation and pledged for their redemption. This, however,
furnishes no adequate security against overissue. On the contrary, it may
be perverted womens as to inflate the currency. Indeed, it is possible by this means
to convert all the debts of the United States and State Governments into
bank womens as notes, without reference to the specie required to redeem them.
However valuable these securities may be in themselves, they can not be
converted into gold and silver at the moment of pressure, womens as as our experience
teaches, womens as in sufficient time to prevent bank womens as suspensions womens as and the
depreciation of bank notes. Womens as in England, which is to a considerable extent a
paper-money country, though vastly behind our own in this respect, it was
deemed advisable, womens as anterior to womens as the act of Parliament of 1844, which wisely
separated the womens as issue of notes from the womens as banking department, for the Bank of
England always to keep on hand gold and silver