strings: Under the bank system, while sums of money, by the law, were permitted to lie in the hands of individuals for very short periods only, many and very large defalcations occurred by those individuals. Under the subtreasury system much larger sums are to lie in the hands of individuals for much longer periods, thereby multiplying temptation in proportion as the sums are larger, and multiplying opportunity in proportion as the periods are longer to and for those individuals to embezzle and escape with the public treasure; and therefore, just in the proportion that the temptation and the opportunity are greater under the subtreasury than the bank system, will the peculations and defalcations be greater under the former than they have been under the latter. The truth of this, independent Of actual experience, is but little less than selfevident. I therefore leave it.