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Updated: June 13, 2025
When a bank discounts to a merchant a real bill of exchange, drawn by a real creditor upon a real debtor, and which, as soon as it becomes due, is really paid by that debtor; it only advances to him a part of the value which he would otherwise be obliged to keep by him unemployed and in ready money, for answering occasional demands.
I think the reason must be that he is the first great leader who utterly discounts the value of his own personality. He is quite without personal ambition. More than that, he believes, as a Marxist, in the movement of the masses which, with or without him, would still move.
Count it rather the very crown of joy that you are the parent of a fresh and innocent child, rather than the superfluous attendant of a blasé infant, who discounts a circus herald in "cheek" and outdistances a drummer in politic address and unabashed effrontery.
When we scrutinise the reason of the impaired reputation of English goods, we find it is the fault of new men with little money of their own, created by bank 'discounts. These men want business at once, and they produce an inferior article to get it. They rely on cheapness, and rely successfully.
The whole debt is to be paid, and within the same time the whole circulation withdrawn. The local banks, where there are such, will be able to afford little assistance; because they themselves will feel a full share of the pressure. They will not be in a condition to extend their discounts, but, in all probability, obliged to curtail them.
The Marquesan chief was ignorant of rebates and discounts; but he had a primitive sense of equity and an equally primitive conception of the economy of nature, and he balanced the account by eating the man who had cheated him.
In order to meet these obligations, the government gradually disposed of its bank stock and by 1802 had sold its entire holdings at a profit of $671,860. A statement submitted to Congress January 24, 1811, by Albert Gallatin, then Secretary of the Treasury, showed resources of $24,183,046, of which $14,578,294 was in loans and discounts, $2,750,000 in United States stock and $5,009,567 in specie.
The amount due to it on loans and discounts, in certain large divisions of the country, is great; so great, that I do not perceive how any man can believe that it can be paid, within the time now limited, without distress. Let us look at known facts.
Interest is a sum paid for the use of money. Interest is reckoned as a certain percentage yearly on the principal. Interest on interest is called "compound interest" and is unused in ordinary business transactions. Instead of collecting interest when the amount borrowed on a note is due, or deducting it from the principal in advance, it discounts the note at the rate agreed on and pays the rest.
He should be able to go over those loans and discounts in half an hour. If so, he could examine the other bank immediately afterward, and catch the 11.45, the only other train that day in the direction he was working. Otherwise, he would have to spend the night and Sunday in this uninteresting Western town. That was why Mr. Nettlewick was rushing matters.
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