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In these different operations, its duty to the public may sometimes have obliged it, without any fault of its directors, to overstock the circulation with paper money. It likewise discounts merchants' bills, and has, upon several different occasions, supported the credit of the principal houses, not only of England, but of Hamburgh and Holland.
Occurring, as this would have done, at a period when the country was engaged in a foreign war, when considerable loans of specie were required for distant disbursements, and when the banks, the fiscal agents of the Government and the depositories of its money, were suspended, the public credit must have sunk, and many millions of dollars, as was the case during the War of 1812, must have been sacrificed in discounts upon loans and upon the depreciated paper currency which the Government would have been compelled to use.
The suspension of specie payments brought instant relief to all really solvent mercantile houses; since those who had valuable assets of any kind could now obtain discounts sufficient to enable them to meet their liabilities. Among those who were at once relieved was the house of Lindsay and Company; they resumed payment and recommenced business. Mr.
But, no! men will not give up the subtle pleasure of discounts, ineffably childish though it be. The rather deaf lady who being asked six shillings a yard for stuff replied "Sixteen shillings a yard! I'll give you eleven," and who, when her mistake was pointed out, said "I couldn't think of paying more than four and sixpence" was a genuine type of the population of these islands.
The decisive measure, that of the Bank refusing discounts, was of course suggested by Lafitte. The Royalists are much in want of money. They left forty-two millions in their caisses, and 150 millions at the Bank! Bourmont was to leave Algiers on the 25th. Probably he was called home to be present at the crisis. The King's troops still remaining in force at St. Cloud, the barricades are continued.
Major Turner remained till some time in November, when he also departed for the East, leaving me and Nisbet to manage the bank. I endeavored to make myself familiar with the business, but of course Nisbet kept the books, and gave his personal attention to the loans, discounts, and drafts, which yielded the profits.
It was pretty generally understood in S that the Clinton Bank was in the hands or parties in New York, and that a large proportion of the discounts made were of paper bearing the endorsement of Floyd, Lawson, Lee, & Co., which was passed by the directors as the legitimate business paper received by that house in its extensive business operations; or of paper drawn to the order of John Floyd & Co., given in payment of goods manufactured at the mills in S . It was also generally conceded that as, through their partner, Mr.
During the whole of 1854 our business steadily grew, our average deposits going up to half a million, and our sales of exchange and consequent shipment of bullion averaging two hundred thousand dollars per steamer. I signed all bills of exchange, and insisted on Nisbet consulting me on loans and discounts.
To that man society replies: "If any man is not willing to work, neither let him eat." And this is the dominant note of the twentieth century as truly as it was in the first when spoken by the Roman philosopher. To harbor the doctrine that the world owes every man a living, not only discounts the character value of the individual, but has a reflex action on the entire social organism.
I myself have heard very famous lawyers make sorry work of a cause between the merchant and his factor; and when they come to argue about exchanges, discounts, protests, demurrages, charter-parties, freights, port-charges, assurances, barratries, bottomries, accounts current, accounts in commission, and accounts in company, and the like, the solicitor has not been able to draw a brief, nor the counsel to understand it.
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