Principle versus pragmatism

On the rear of the first banknote issued in Australia in 1817 was printed the following: 

“Let us possess the public confidence so long as, by faithful discharge of the honourable trust reposed in us, we may show ourselves worthy of it. Where any one man says with truth "the bank has broken faith with us", be then our ruin, and as only, the immediate consequence.”

You may tempted to think that this statement of noble principle reflected better days for banking - different to some of the tawdry banking principles now being uncovered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

However, don’t be fooled. The main purpose of the lengthy inscription was to make forgery of banknotes more difficult, using the only letterpress existing in the colony of New South Wales at that time. The statement of principle came in second.  

As it happened, enterprising forgers had banknote forgeries circulating within 18 months of issue!

From Trevor Sykes' fascinating history of corporate collapses in Australia.