Lombard Street: A Description of the Money Market
THE LOMBARD STREET LIBRARY
A DESCRIPTION OF THE MONEY MARKET
By WALTER BAGEHOT
NEW EDITION WITH AN INTRODUCTION BY
JOHN MURRAY, ALBEMARLE STREET, W.
WILLIAM CLOWES AND SONS, LIMITED
LONDON AND BECCLES, ENGLAND.
All rights reserved
* * * Like the English Constitution, the English credit system is a living thing, that has grown out of its past and is growing into its future. Past, present, and future are thus one continuing process, and no one can hope to understand its present, still less to peer into its future, unless he knows something of the past that is part of them. Bagehot's "Lombard Street" lights up, with the fire of its author's genius, the road that we have travelled, and helps us to see where we are and to wonder whither we are going. Its usefulness, as a work of reference and a standard of comparison, has been enhanced in this new edition by a careful revision of the Notes, carried out by Mr. A. W. Wright, a member of the staff of the Economist newspaper, long edited by Bagehot.
PREFATORY NOTE TO THE
As more than thirty years have elapsed since the first publication of this little book, it has been thought desirable to bring the figures, and some of the examples used, up to the present time.
My best thanks are due to the friend who has placed his services at my disposal for this purpose.
The new matter is confined to notes, and the text of the original work has not been touched.
PREFATORY NOTE TO THE ELEVENTH EDITION
In this Edition additional Notes have been inserted by Mr. E. Johnstone, in Appendix II., and the other Notes have been revised by him, so as to bring up the work to the present date.
The Position of the Chancellor of the Exchequer in the Money Market
The Mode in which the Value of Money is settled in Lombard Street
Why Lombard Street is often very Dull, and sometimes extremely Excited
A More Exact Account of the Mode in which the Bank of England has discharged its Duty of retaining a Good Bank Reserve, and of administering it effectually
The Government of the Bank of England
The Joint Stock Banks
The Private Banks
The Bill Brokers
The Principles which should regulate the Amount of the Banking Reserve to be kept by the Bank of England
By Walter Bagehot
Liabilities and Cash Reserve of the Chief Banking Systems
Extract from Evidence given by Mr. Alderman Salomons before the House of Commons Select Committee in 1858
Statement of Circulation and Deposits of the Bank of Dundee at Intervals of Ten Years, Between 1764 and 1864
Meeting of the Proprietors of the Bank of England, September 13, 1866
By E. Johnstone