holdersone

Updated: June 13, 2025

We must look first to the foreign drain, and raise the rate of interest as high as may be necessary. Unless you can stop the foreign export, you cannot allay the domestic alarm. The Bank will get poorer and poorer, and its poverty will protract or renew the apprehension. And at the rate of interest so raised, the holdersone or more-of the final Bank reserve must lend freely.

Walter Bagehot - Lombard Street : a description of the money market