Experience has shown that we can rely upon no principle or policy as a safeguard against the caprice or the temptation, which at intervals must surely beset any legislative body having control of the direct issue of paper.#
The banking history of the United States has been for the most part a succession of catastrophic changes rather than a process of steady growth.#
That a currency may be responsive to demand, it is necessary that the forces, tending respectively to expand or to restrict, should be forces at work in the daily business of the bank, where it is brought into contact with the community by the stream of loans, deposits, and payments.#