Lombard Street: A Description of the Money Market

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Scribner's, 1897 - Banks and banking - 359 pages
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Page 134 - It was about the year 1688 that the word 'stockjobber' was first heard in London. In the short space of four years a crowd of companies, every one of which confidently held out to subscribers the hope of immense gains, sprang into existence : the Insurance Company, the Paper Company, the Lutestring Company, the Pearl Fishery Company, the Glass Bottle Company, the Alum Company, the Blythe Coal Company, the Swordblade Company. There was a Tapestry Company, which would soon furnish pretty hangings for...
Page 97 - England) or for any other persons whatsoever, united or to be united in covenants or partnerships, exceeding the number of six persons, in that part of Great Britain called England, to borrow, owe, or take up any sum or sums of money on their bills or notes payable on demand, or at any less time than six months from the borrowing thereof.
Page 135 - ... tackle. There was a Greenland Fishing Company, which could not fail to drive the Dutch whalers and herring busses out of the Northern Ocean. There was a Tanning Company, which promised to furnish leather superior to the best that was brought from Turkey or Russia. There was a society which undertook the office of giving gentlemen a liberal education on low terms, and which assumed the sounding name of the Royal Academies Company. In a pompous advertisement it was announced that the directors...
Page 269 - The calling is hereditary; the credit of the bank descends from father to son: this inherited wealth soon brings inherited refinement. Banking is a watchful but not a laborious trade. A banker, even in large business, can feel pretty sure that all his transactions are sound, and yet have much spare mind. A certain part of his time, and a considerable part of his thoughts, he can readily devote to other pursuits. And a London banker can also have the most intellectual society in the world if he chooses...
Page 4 - Street is to say that it is by far the greatest combination of economical power and economical delicacy that the world has ever seen.
Page 51 - by every possible means and in modes we had never adopted before ; we took in stock on security, we purchased Exchequer bills, we made advances on Exchequer bills, we not only discounted outright, but we made advances on the deposit of bills of exchange to an immense amount in short, by every possible means consistent with the safety of the Bank, and we were not on some occasions over-nice.
Page 79 - THE currency of a great state, such as France or England, generally consists almost entirely of its own coin. Should this currency, therefore, be at any time worn, clipt, or otherwise degraded below its standard value, the state by a reformation of its coin can effectually re-establish its currency. But the currency of a small state, such as Genoa or Hamburgh, can...
Page 169 - The Economist newspaper has put forth what in my opinion is the most mischievous doctrine ever broached in the monetary or banking world in this country, viz., that it is the proper function of the Bank of England to keep money available at all times to supply the demands of bankers who have rendered their own assets unavailable. Until such a doctrine is repudiated by the banking interest, the difficulty of pursuing any sound principle of banking in London will be always very great. But I do not...
Page 133 - At present the quantity of coin which is hoarded by private persons is so small that it would, if brought forth, make no perceptible addition to the circulation. But, in the earlier part of the reign of William the Third, all the greatest writers on currency were of opinion that a very considerable mass of gold and silver was hidden in secret drawers and behind wainscots. The natural effect of this state of things was that a crowd of projectors, ingenious and absurd, honest and knavish, employed...
Page 197 - The end is to stay the panic; and the advances should, if possible, stay the panic. And for this purpose there are two rules: —First . That these loans should only be made at a very high rate of interest .... Secondly. That at this rate these advances should be made on all good banking securities, and as largely as the public ask for them.

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