securityeven

Updated: June 3, 2025

In the worst part of the crisis of 1866, 50,000 L. 'fresh money' could not be borrowed, even on the best securityeven on Consols except at the Bank of England. There was no other lender to new borrowers. But my object now is not to revive a past controversy, but to show in what an unsatisfactory and uncertain condition that controversy has left a most important subject. Mr.

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