United States or Lebanon ? Vote for the TOP Country of the Week !
It was also most natural that the bill-brokers, having by the constant practice of this lucrative trade obtained high standing and acquired great wealth, should become, more or less, bankers too, and should receive money on deposit without giving any security for it. But the effects of the change have been very remarkable. In the practice as Mr.
Alfred Braddell had one friend more intimate than the rest, John Walter Ardworth, a cashiered officer, a ruined man, pursued by bill-brokers, Jews, and bailiffs. To this man we have lately had reason to believe that the child was given. Ardworth, however, was shortly afterwards obliged to fly his creditors.
"Oh, you must save from your allowance; it is a very liberal one; and the tradesmen are not pressing." "No; but the cursed bill-brokers " "Always renew to a young man of your expectations. And if I get into an office, I can always help you, my dear Frank." "Ah, Randal, I am not so bad as to take advantage of your friendship," said Frank, warmly.
But as the Bank of England alone keeps the final banking reserve, the bill-brokers of necessity have to resort to that final reserve; so that at every panic, and by the essential constitution of the money market, the Bank of England has to help, has to maintain in existence, the dealers, who never in return help the Bank at any time, but who are in ordinary times its closest competitors and its keenest rivals.
"Oh, you must save from your allowance; it is a very liberal one; and the tradesmen are not pressing." "No; but the cursed bill-brokers " "Always renew to a young man of your expectations. And if I get into an office, I can always help you, my dear Frank." "Ah, Randal, I am not so bad as to take advantage of your friendship," said Frank, warmly.
Cadell the second instalment advance of cash on Canongate. It is in English bills and money, in case of my going to town. October 9. A gracious letter from Messrs. Abud and Son, bill-brokers, etc.; assure Mr. Gibson that they will institute no legal proceedings against me for four or five weeks.
In consequence, in 1858 they made a rule that they would only advance to the bill-brokers at certain seasons of the year, when the public money is particularly large at the bank, and that at other times any application for an advance should be considered excep tonal, and dealt with accordingly.
The deposits of bill-brokers and the profits of bill-broking are increased by our present system, just in proportion as the dangers of bill-brokers during a panic are increased by it. The strain, too, on our banking reserve which is caused by the demands of the bill-brokers, is also more dangerous than it would be under a natural system, because that reserve is in itself less.
It would be essential to their own preservation not to let such dealers fail, and the protection of such dealers would therefore be reckoned among the necessary purposes for which they retained that reserve. Nor probably would the demands on the bill-brokers in such a system of banking be exceedingly formidable.
But the possessor of money has rarely been willing to pay anything; he has usually and rightly believed that the borrower would discover him soon. Notwithstanding other changes, the distribution of the customers of the bill-brokers in different parts of the country still remains much as Mr. Richardson described it sixty years ago.
Word Of The Day