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Updated: May 9, 2025
When so little within or without is now found but paper, the representative not of opulence, but of want, the creature not of credit, but of power, they imagine that our flourishing state in England is owing to that bank-paper, and not the bank-paper to the flourishing condition of our commerce, to the solidity of our credit, and to the total exclusion of all idea of power from any part of the transaction.
Plume withdrew after having suggested to Keith to make him a small temporary loan, or, if more convenient, to lend him the use of his name on a little piece of bank-paper "to tide over an accidental and unexpected emergency," assuring Keith that he would certainly take it up within sixty days.
Bank-paper issues meanwhile expanded by the billion. The great contest in Germany is to maintain this bank metal reserve, and it is the task of Sisyphus and of herculean proportions. Outside of the United States, Germany has probably little, if any, credit to-day. She must pay in gold for what she buys from without, and from without she must get copper and oil.
Before the year ends, every sovereign in the banks of this country may be called on to cash 30 pounds of paper bank-paper, share-paper, foolscap-paper, waste-paper.
Very imposing to me has always appeared the army of clerks seated in saturnine silence at the desks, or gliding with grave celerity about the place, and variously employed in balancing enormous accounts, shovelling up heaps of sovereigns, receiving and distributing bank-paper of vast value as coolly and unconcernedly as if engaged in counting out so many chestnuts.
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