m
valuable bills for worthless ones, certainty for uncertainty? What
advantage can they pretend will accrue to the public from the loss of
its currency and the possible depreciation of their paper? These general
reflections will find their application. Let no one exclaim against the
possibility of the supposed danger. The wealth of the present
stockholders of our banks is well known, their names suffice to inspire
the greatest confidence; but apart from extraordinary events, the
ordinary casualties of life may bring about in a short time the change
of all these names, and there may remain in their place only men of
straw.

* * * * *

"The States are met in order to take counsel together on measures for
its defence. For an object so important they ought to count on the help
of all friends of their country.

"Speaking of the present banks, and it is necessary to refer to them, no
one desires more than I do to see them flourish, provided that it is not
at the expense of the public interest. Several of the stockholders seem
to rely for success on the issue of paper-money, as if this were the
principal aim of the business of banking. This aim, on the contrary, is
quite foreign to real bankers--one finds them in all the great towns of
Europe enjoying colossal fortunes--they never dream of paper-money;
their functions are confined to discounting bills, furnishing bills on
all countries, taking money on deposit at low interest to lend it again
at the legal rate on landed estates, or property of assured value, and
to a number of other services required by commerce: each transaction
yields a profit which should suffice. A bank of this kind was wanting in
the Island. The first of the two existing ones was formed under the most
favourable auspices, nothing could exceed its credit: although it issued
paper money it did not seem inclined to push this circulation to the
point of annoyance to the States. It even made common cause with them
when it was a question of replacing the old coins with new, and
contributed half the expense. If it had shown itself more obliging and
ready at any time to supply bills for those who, money in hand, wanted
them to meet engagements in London or Paris, it would have continued the
only bank for all business. But as it would not put itself out in any
way, the second bank was started by merchants in order to escape from
the domination and caprice of the first.

"The sec