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As a principle it may be laid down that all new unemployed savings require either an increased stock of the precious metals, or an increase in the efficiency of the banking expedients by which these metals are economised. In other words, in a saving and uninvesting period of the national industry, we accumulate gold, and augment the efficiency of our gold.
Welton pointed out with pride the various arrangements; here the flats and the trestles for the yards where the new-sawn lumber was to be stacked; there the dump for the sawdust and slabs; yonder the banking ground constructed of great logs laid close together, wherein the timber-logs would be deposited to await the saw.
The Mermaid, which Jonson frequented, in companionship with Shakespeare, Fletcher, Herrick, Chapman, and Donne, was in Bread Street, but no trace of it remains, and a banking house stands now on the site of the old Devil Tavern, in Fleet Street, a room in which, called "The Apollo," was the trysting place of the club of which he was the founder.
For a share in all this business and its adjuncts John Weightman had his son in training in one of the famous law firms of the city; for he held that banking itself is a simple affair, the only real difficulties of finance are on its legal side. Meantime he wished the young man to meet and know the men with whom he would have to deal when he became a partner in the house.
Between the higher walks of finance and ordinary commerce, there is in Paris a class of secondary houses, useful intermediaries for banking interests, which find in them an additional security.
'It is interesting to compare the facts of joint stock banking with the fears of it which were felt.
Would it not be out of all possibility to find the money? Who would subscribe? What would you get for shares? And as for the local discount, do you wish it? Do you, in State Street, wish that the nation should send millions of untaxed banking capital hither to increase your discounts? What, then, shall we do?
He was a man of simple mind and ideas, and he supposed the Chestermarkes knew what they were talking about. "Then you think that this sudden disappearance " he said. "In the history of banking unwritten, possibly," remarked Joseph, "there are many similar instances. No end of them, most likely. Bank managers enjoy vast opportunities of stealing, my lord!
No sooner had banking become a separate and important trade, than men began to discuss with earnestness the question whether it would be expedient to erect a national bank.
"In fact you have been a good wife; you have never thrown it up to me that I was unable to make good to the degree of many of our friends in purely commercial lines. All you have ever said is the truth. A banking house pays low for its brains. My God!" he cried stiffening out in the chair and clenching his fists, "it pays low for its temptations, too."
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