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Updated: June 13, 2025
Wholesale merchants, and their men people with small banking accounts and much integrity rogues and catspaws, clerks old and young, sheriffs' clerks, barristers' clerks, solicitors' clerks; in fine, all the working, thinking, and speculating members of that lower middle class which honeycombs the interests of Paris and watches over its granary, accumulates the coin, stores the products that the proletariat have made, preserves the fruits of the South, the fishes, the wine from every sun-favored hill; which stretches its hands over the Orient, and takes from it the shawls that the Russ and the Turk despise; which harvests even from the Indies; crouches down in expectation of a sale, greedy of profit; which discounts bills, turns over and collects all kinds of securities, holds all Paris in its hand, watches over the fantasies of children, spies out the caprices and the vices of mature age, sucks money out of disease.
A brief notice of some of its provisions will suffice. First. It may justify substantially a system of discounts of the most objectionable character. It is to deal in bills of exchange drawn in one State and payable in another without any restraint. The bill of exchange may have an unlimited time to run, and its renewability is nowhere guarded against.
The system which they recommended involved a National Reserve Association, which was, in certain of its faculties and functions, a bank, and which was given through its governing authorities the power, by issuing circulating notes for approved commercial paper, by fixing discounts, and by other methods of transfer of currency, to expand the supply of the monetary medium where it was most needed to prevent the export or hoarding of gold and generally to exercise such supervision over the supply of money in every part of the country as to prevent a stringency and a panic.
Then Ravenel, as trustee for the three counties Uncle Jimmie Rankin was the other, but shrewdly let Jeff-Jack speak and act for him privately combined with the Construction Company, which, Proudfit pathetically reminded John, was a loser by the Land Company in the discounts at which it had sold that Company's second-mortgage bonds.
Takes it out of my five thousand; or discounts the amount he means to chouse me of with his spurious Rembrandt." Arrived in town, we went to work at once. Though, to be sure, my experience has been that picture dealers are picture dealers. Horses rank first in my mind as begetters and producers of unscrupulous agents, but pictures run them a very good second.
This sentimental method of loyalty to the Emperor, however, is matched by many details of common life. A sentimental parting gift or speech will often be counted as more friendly than thoroughly business-like relations. The prosaic Occidental discounts all sentiment that has not first satisfied the demands of business and justice.
And for salves and soothing plasters there were the customary explanations regarding the state of the market, the tightness of money, the non-arrival of important details, the delaying of despatches owing to a break in the cable, together with offers of heavy discounts, and increased allotments of stock for renewed subscriptions. But the end came, just as it always does.
He knew almost nothing of the agreements with correspondents and Press Association and Central News, and the racing services and the fiction syndicates, nor of the difficulties with the Compositors' Union, nor of the struggle to lower the price of paper by the twentieth of a penny per pound, nor of the awful discounts allowed to certain advertisers, nor of the friction with the railway company, nor of the sickening adulation that had been lavished on quite unimportant newsagents, nor worst of all of the dearth of newsboys.
It may be remarked, too, that notwithstanding the immense transactions of the bank in the purchase of exchange, the losses sustained were merely nominal, while in the line of discounts the suspended debt was enormous and proved most disastrous to the bank and the country.
James was cognizant of his friend's excursions among the money lenders, and no doubt he thought the young spendthrift, when he came into his fortune, would never know within a good many thousands how much he had borrowed, nor even the number of post-obits he had given. That is to say, the tender-hearted son discounts his father's death to provide fuel to feed his flame.
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