The deterioration of the old blood may be compensated by the excellent quality of the fresh blood.

But to this again there is an objection, of little value perhaps in seeming, but of much real influence in practice.

The infusion of new partners requires from the old partners a considerable sacrifice of income; the old must give up that which the new receive, and the old will not like this.

The effectual remedy is so painful that I fear it often may be postponed too long.
I cannot, therefore, expect with certainty the continuance of our system of private banking.

I am sure that the days of small banks will before many years come to an end, and that the difficulties of large private banks are very important.