Little effect is produced on the general trade of the country.

The owners of the savings are too scattered and far from the market to change the majority of mercantile transactions.

But when these savings come to be lodged in the hands of bankers, a much wider result is produced.

Bankers are close to mercantile life; they are always ready to lend on good mercantile securities; they wish to lend on such securities a large part of the money entrusted to them.

When, therefore, the money so entrusted is unusually large, and when it long continues so, the general trade of the country is, in the course of time, changed.