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The English banking system before the Panic of 1825, apart from the Bank of England, which maintained a monopoly of joint-stock banking, was one of private partnerships both in London and in the provinces, most of which were independent unit banks. Since remittance was the principal function of country banks at this time close ties in the form of correspondent relations developed between country banks and London agents, similar to the structure prevailing in the United States later in the nineteenth century between New York and interior banks. Although efficient in the transfer of funds across space, these networks also proved to be quite efficient in the transmission of financial pressures during panics.