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Updated: May 9, 2025
It is merely reiterating the commonplaces of the newspapers, to talk about "the excessive loans and issues of the banks," and to ring changes of phraseology on the vices of speculation, over-trading, and stock-jobbing.
Little or no expense can ever be necessary for replenishing the coffers of such a bank. A merchant, without over-trading, may frequently have occasion for a sum of ready money, even when he has no bills to discount.
This panic was not the result of paper-money inflation, nor of inflated values, nor of reckless over-trading, nor of in-ordinate speculation. The trade and commerce of the country were in a sound and prosperous condition, and the prices of securities in Wall street were, on the average, hardly in excess of real values, and in some instances a little below them.
I will not say that there has not been over-trading, and over-production, and a too great expansion of bank circulation. This may all be so, and the last-mentioned evil, it was easy to foresee, was likely to happen when the United States discontinued their own bank.
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