Lombard Street: A Description of the Money Market

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Walter Bagehot. Lombard Street: A Description of the Money Market

Lombard Street: A Description of the Money Market

Table of Contents

CHAPTER I

CHAPTER II

I

ISSUE DEPARTMENT

BANKING DEPARTMENT

II

CHAPTER III

II

CHAPTER IV

CHAPTER V

CHAPTER VI

'THE GREAT RISE IN THE PRICE OF COMMODITIES

CHAPTER VII

'THE GREAT IMPORTANCE OF THE LATE MEETING OF THE PROPRIETORS OF THE BANK OF ENGLAND

II

CHAPTER VIII

CHAPTER IX

CHAPTER X

CHAPTER XI

CHAPTER XII

CHAPTER XIII

APPENDIX

(3) BANKS OF GERMANY (JANUARY, 1873)

(4) NATIONAL BANKS OF UNITED STATES (OCTOBER 3, 1872)

SUMMARY

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Walter Bagehot

Published by Good Press, 2019

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Dated the 30th December, 1869.

There are here 15,000,000 L. bank notes issued on securities, and 18,288,640 L. represented by bullion. The Bank of England has no power by law to increase the currency in any other manner. It holds the stipulated amount of securities, and for all the rest it must have bullion. This is the 'cast iron' system—the 'hard and fast' line which the opponents of the Act say ruins us, and which the partizans of the Act say saves us. But I have nothing to do with its expediency here. All which is to my purpose is that our paper 'legal tender,' our bank notes, can only be obtained in this manner. If, therefore, an English banker retains a sum of Bank of England notes or coin in due proportion to his liabilities, he has a sufficient amount of the legal tender of this country, and he need not think of anything more.

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