The bankers are pretty sure to keep them there, just because they must keep a reserve, and they consider it one of the best places in which to keep it.

Under a more natural system, no part of the banking reserve would ever be lodged at the brokers.
Bankers would deposit with the brokers only their extra money, the money which they considered they could safely lend, and which they would not require during a panic.

In the eye of the banker, money at the brokers would then be one of the investments of cash, it would not be a part of such cash.

The deposits of bill-brokers and the profits of bill-broking are increased by our present system, just in proportion as the dangers of bill-brokers during a panic are increased by it.
The strain, too, on our banking reserve which is caused by the demands of the bill-brokers, is also more dangerous than it would be under a natural system, because that reserve is in itself less.

The system of keeping the entire ultimate reserve at a single bank, undoubtedly diminishes the amount of reserve which is kept.