Choosing the Road to Prosperity Why We Must End Too Big to Fail—Now

The conveniency of these notes soon spread them over the kingdom; and as the capital and credit of the Bank increased, they continued to gain an increasing circulation. Previous to the year 1796, that circula- tion was generally about equal in amount to the capital of the Bank. The Bank was obliged to keep on hand a large sum of coin to meet the pay- ment of such of its notes as might be presented for that purpose; but as a large portion of these notes were constantly circulating from hand to hand, and not at all likely to be presented for payment, the sum of coin kept.

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