Even the great collapse of Overends, though it caused a panic, is beginning to be forgotten.

Most men of business think--'Anyhow this system will probably last my time.

It has gone on a long time, and is likely to go on still.' But the exact point is, that it has not gone on a long time.

The collection of these immense sums in one place and in few hands is perfectly new.

In 1844 the liabilities of the four great London Joint Stock Banks were 10,637,000 L.; they now are more than 60,000,000 L.The private deposits of the Bank of England then were 9,000,000 L.; they now are 8,000,000 L.There was in throughout the country but a fraction of the vast deposit business which now exists.