onessay

Updated: May 26, 2025

If the new Exchequer Bills were to be issued at a different rate of interest from the outstanding onessay bearing an interest of five per cent the old ones would be immediately at a great discount unless the interest were raised. If the interest were raised, the charge on the revenue would be of course proportionate to the increase of rate of interest.

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