ABSTRACT
In his monograph on the Second Bank, written for the National Monetary Commission in 1910, Dewey (1910a) observed that
the circumstances which gave rise to the establishment of the Second Bank were altogether different from those which have brought about a discussion of the question of a central bank at the present juncture; . . . . It is difficult, therefore, to find in the experience of this institution, any lessons of importance which may be of special service in the preparation of a plan for a large national central bank at a later period, when business methods have been transformed by the railroad, the telegraph, and by the development of corporate enterprise, to say nothing of the change in banking law through the general substitution of national supervision for state control.
