A great private bank might easily become very rotten by a change from discretion to foolishness in those who conduct it.
We have had as yet in London, happily, no example of this; indeed, we have hardly as yet had the opportunity.

Till now private banks have been small; small as we now reckon banks.

For their exigencies a moderate degree of ability and an anxious caution will suffice.
But if the size of the banks is augmented and greater ability is required, the constant difficulty of an hereditary government will begin to be felt.

'The father had great brains and created the business: but the son had less brains and lost or lessened it.' This is the history of all great monarchies, and it may be the history of great private banks.

The peculiarity in the case of Overend, Gurney and Co.