CopenhagenAndItsEnvirons

38

T h e gold and silver coin is kep t in f ir e -p r o o f vaults. It is a general opinion in D enm ark th a t the N ational B ank is founded on a m ore solid b asis lhan alm o st any other p ublic institu tion of a sim ilar kind. T h is o p in io n , th ere is reason to believe, is well g ro u n d ed : for the D anish B ank is founded on the w hole of real p ro p e rty existing in D enm ark and the D uchies a fte r such a m an n er th a t the • ow ners o f houses o r lands are bound to becom e shareholders in the b a n k , a t the ra te o f 6 pr. cent o f th e value o f their p ro p erty . A p paren tly no basis for a b an k can be m ore secure th an this, since the fluctuations in the value of real p ro p e rty a re certainly less th an tho se of an y other, and the p re sen t tim es seem to ren d er th e value of the precious m etals insecure and unstable. A lthough th is system of tax atio n w as considered a t the tim e, and p e rh ap s really w as, an a rb itra ry proceeding for the estab lishm ent o f a b a n k ; y e t it w ould seem th at the crisis — the natio n al b an k ru p tcy — of 181 3 left the go vernm ent no resource for the foundation o f a banking institution likely to resto re credit and confidence except th a t of real p ro p e rty — one now deem ed so beneficial to the country. T he fluctuations o f b ank shares, issued a t 1 0 0 rbd., have been v ery g re a t; for a t first they w ere sold a t m erely nom inal prices, and, indeed, gave no