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Updated: June 13, 2025
Hardie senior opened, showed by the books the rapid decline of business, pointed to the rise of two new banks owing to the tight hand he had held unseasonably, then invited the other two to say whether an enlarged system was not necessary to meet the times, and submitted the last, proposals for loans and discounts. "Now, sir, let me have your judgment."
A providential optimism, on the contrary, not merely predetermines events but discounts values; and it reduces every mortal aspiration, every pang of conscience; every wish that things should be better than they are, to a blind impertinence, nay, to a sacrilege. Thus, you may not pray that God's kingdom may come, but only what is not a prayer but a dogma that it has come already.
What influence have local discounts granted by any form of bank in the regulating of the currency and the exchanges? Let the history of the late United States Bank aid us in answering this inquiry.
The government of the day seems to have observed this with regret. A writer of authority on the subject says that, to stir stagnant enterprise, they directed "the Bank of England to issue about four millions in advances to the state and in enlarged discounts." I give you the man's words; they doubtless carry a signification to you, though they are jargon in a fog to me.
Other companies use an instrument which registers the maximum demand for the month, and the excess over the equivalent of a certain specified number of hours monthly in use of the maximum demand is sold at greatly reduced price. The last scheme would seem particularly equitable, as it results in what is practically an automatic scale of discounts based on the average load factor of the customers.
The constitutional treasury recommended is designed as a secure depository for the public money, without any power to make loans or discounts or to issue any paper whatever as a currency or circulation. I can not doubt that such a treasury as was contemplated by the Constitution should be independent of all banking corporations.
Starratt even grew to fancy that there was a substantial balance left over from these alleged discounts to clients, which Brauer pocketed himself. But he had to smile and pretend that he did not suspect. Were his hands clean, after all? Well, just as soon as it was possible he intended to rid himself of Brauer. But how soon would that be possible?
He called an attendant, gave the necessary order, and the cash was handed me. Bidding the manager good-bye, I repaired to our meeting place and showed the notes for the discounted bill. Even George was satisfied that my credit at the bank was good for any amount of discounts on any sort of paper. Everything now was ready for my departure from England.
"Green," said Yan, not yet believing. The book-man looked inside, then laid it down, saying in a cold, business tone, "Ninety cents." "Ninety cents," gasped Yan. Oh! if only he had known the ways of booksellers or the workings of cash discounts.
It may, in fact, assume the most objectionable form of accommodation paper. It is not required to rest on any actual, real, or substantial exchange basis. A drawer in one place becomes the accepter in another, and so in turn the accepter may become the drawer upon a mutual understanding. It may at the same time indulge in mere local discounts under the name of bills of exchange.
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