Lombard Street: A Description of the Money Market |
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Common terms and phrases
able advances alarm amount augment balances Bank directors Bank of England Bank of France bank-notes Banking Department banking reserve believe bill brokers bill-brokers borrow bullion cash reserve cause cent circulation commercial common consequence consider currency dangerous dealers demand deposit banking difficulty diminished discount dividend doubt duty effect English evil exchange fear foreign German Government greater immense important increase industry joint stock banks joint stock company keep legal tender lend lent less liabilities loanable capital loans Lombard Street London and Westminster London bankers Lord Overstone manager ment mercantile merchants Money Market natural never note issue opinion ordinary Overend paid panic payment period permanent persons present principle private banks probably profit rate of interest rise of prices ruin savings securities single bank soon sums system of banking tion trade transactions value of money whole
Popular passages
Page 134 - 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 all the parlours of the middle class, and for all the bedchambers of the higher.
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 64 - What is wanted and what is necessary to stop a panic is to diffuse the impression, that though money may be dear, still money is to be had.
Page 169 - 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.
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 133 - Company was chiefly raised by persons who had found difficulty in placing their savings at interest on good security. So great was that difficulty that the practice of hoarding was common. We are told that the father of Pope the poet, who retired from business in the City about the time of the Revolution, carried to a retreat in the country a strong box containing near twenty thousand pounds, and took out from time to time what was required for household expenses; and it is highly probable that this...
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 Hamburg, can seldom consist altogether in its own coin, but must be made up, in a great measure, of the coins...
Page 135 - Wrecks to be fished for on the Irish Coast — Insurance of Horses, and other Cattle (two millions) — Insurance of Losses by Servants — To make Salt Water Fresh — For building of Hospitals for Bastard Children...
Page 268 - had especially a charmed value. He was supposed to represent, and often did represent, a certain union of pecuniary sagacity and educated refinement which was scarcely to be found in any other part of society. In a time when the trading classes were much ruder than they now are, many private bankers possessed a variety of knowledge and a delicacy of attainment which would even now be very rare. Such a position is indeed singularly favourable. The calling is hereditary ; the credit of the bank descends...