If the real government of these banks had for years been known, and if the subsisting banks had been known not to be ruled by the bad mode of government which had ruined the bank that had fallen, then the ruin of that bank would not be hurtful.

The other banks would be seen to be exempt from the cause which had destroyed it.

But at present the ruin of one of these great banks would greatly impair the credit of all.
Scarcely any one knows the precise government of any one; in no case has that government been described on authority; and the fall of one by grave misgovernment would be taken to show that the others might as easily be misgoverned also.

And a tardy disclosure even of an admirable constitution would not much help the surviving banks: as it was extracted by necessity, it would be received with suspicion.

A sceptical world would say 'of course they say they are all perfect now; it would not do for them to say anything else.' And not only the depositors and the shareholders of these large banks have a grave interest in their good government, but the public also.