The whole of English commercial literature between 1830 and 1840 is filled with that idea.

Nor did it cease in 1840.

So late as 1845, Sir R.Peel thought the foundation of joint stock banks so dangerous that he subjected it to grave and exceptional difficulty.

Under the Act of 1845, which he proposed, no such companies could be founded except with shares of 100 L.with 50 L.; paid up on each; which effectually checked the progress of such banks, for few new ones were established for many years, or till that act had been repealed.

But in this, as in many other cases, perhaps Sir R.Peel will be found to have been clear-sighted rather than far-sighted.