The proper protection of noteholder and depositor is an important matter. Obviously since the noteholder is the more likely to suffer, owing to his ignorance of the nature and course of the bank note, if special protection is to be given to either class the noteholder has the higher claim. Governments early felt it incumbent upon themselves to provide special protection to noteholders, but except in the United States they have not felt a corresponding duty towards depositors. This difference is due to several reasons. For one thing the essential likeness of notes and deposits has not been generally perceived. Then, too, the bank note enters into the circulating money of the country, and the state has generally assumed the creation and regulation of its money. Moreover, the abuses of note issue are more readily discernible and the methods of protection more easily devised. And finally the depositor may reasonably be assumed to know the state of solvency of the bank of which he is a customer. On the other hand, it would be too much to expect a person to have all this knowledge concerning the numerous banks whose notes pass through his hands in the course of his daily business. For these various reasons legislatures have quite generally provided more protection to notes than to deposits. The United States, with respect to the national banks, and the several states, with respect to the state banks, have been unique among the governments of the world in devising protection to depositors.