I fear it would rather make both worse.

But possibly it may be suggested that I ought to explain why the American system, or some modification, would not or might not be suitable to us.

The American law says that each national bank shall have a fixed proportion of cash to its liabilities (there are two classes of banks, and two different proportions; but that is not to the present purpose), and it ascertains by inspectors, who inspect at their own times, whether the required amount of cash is in the bank or not.

It may be asked, could nothing like this be attempted in England?
could not it, or some modification, help us out of our difficulties?
As far as the American banking system is one of many reserves, I have said why I think it is of no use considering whether we should adopt it or not.

We cannot adopt it if we would.
The one-reserve system is fixed upon us.