........However, reserve pooling was never again used after 1873, even though at times a large majority of NYCH members were for it. One reason for this was that some NYCH members objected that it rewarded risk taking banks and banks that paid higher interest to attract deposits from country banks, over more cautious banks.......
Thats strikingly relevant to the recent economic crisis. Its the same reason many people opposed the 2008 Bailout, that we were rewarding risk takers and removing the possibility of failure that used to keep them in check.