CopenhagenAndItsEnvirons

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

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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