The inevitable corollary to such belief was the free issue of notes by all banks. They reasoned as under: "When we could get money without having to pay interest, why should we invest our own capital or pay interest in order to borrow capital?" Of course, they certainly understood that the notes should be redeemed in silver some time or other. But, as they started the business in the hope of obtaining large profits and also believed in their right to postpone the date of redemption of notes to a reasonable period, they never for a moment thought they were doing anything which was reprehensible. They had not the slightest intention of cheating the holders of notes; only they left out of their calculations the chances of failure - as also the possibility of the holder of the notes issued by them losing his money merely because of their recklessness. The well organized native banks, on the other hand, had no necessity to obtain capital in this fashion; and the general conditions in the country were such that it was no convenience to hold the reserves in silver in the bank and send out the paper money. The best native banks, therefore, did neither issue bank-notes themselves nor recognize the notes issued by the provincial and other banks.