The Story of the Bank of England, (A History of English Banking, And a Sketch of the Money Market)
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In our eReader you can find the full English version of the book. Read The Story of the Bank of England, (A History of English Banking, And a Sketch of the Money Market) Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Story of the Bank of England, (A History of English Banking, And a Sketch of the Money Market)
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The credit so created, however, swells the bankers' balances in its own books, and consequently the amount standing to the credit of the bankers increases appreciably. But, at such a moment, the bankers call in large sums from the bill brokers, and, unless the brokers can obtain advances from the Bank of England against good bills and gilt-edged securities, they will 13 194 be unable to satisfy the demands of Lombard Street. By declining to advance to the bill brokers, the Bank, in reality, wou...ld be refusing credit to Lombard Street (bankers' balances) ; and, as the Bank itself could not live were Lombard Street to withdraw its balances at so critical a time, it follows that it must lend to the bill brokers in order to enable them to repay the bankers. It simply dare not refuse to assist them, for, if it did, the banks might decline to support the Bank which left them in the lurch just at the height of the storm.
The bill brokers (the outside market) come within our present credit system, and if, when a state of panic prevails, they were left to their fate, in every probability the system of which they form a part would collapse with them.
What to read after The Story of the Bank of England, (A History of English Banking, And a Sketch of the Money Market)?
You can find similar books in the "Read Also" column, or choose other free books by Henry Warren to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The credit so created, however, swells the bankers' balances in its own books, and consequently the amount standing to the credit of the bankers increases appreciably. But, at such a moment, the bankers call in large sums from the bill brokers, and, unless the brokers can obtain advances from the Bank of England against good bills and gilt-edged securities, they will 13 194 be unable to satisfy the demands of Lombard Street. By declining to advance to the bill brokers, the Bank, in reality, wou...ld be refusing credit to Lombard Street (bankers' balances) ; and, as the Bank itself could not live were Lombard Street to withdraw its balances at so critical a time, it follows that it must lend to the bill brokers in order to enable them to repay the bankers. It simply dare not refuse to assist them, for, if it did, the banks might decline to support the Bank which left them in the lurch just at the height of the storm.
The bill brokers (the outside market) come within our present credit system, and if, when a state of panic prevails, they were left to their fate, in every probability the system of which they form a part would collapse with them.
What to read after The Story of the Bank of England, (A History of English Banking, And a Sketch of the Money Market)?
You can find similar books in the "Read Also" column, or choose other free books by Henry Warren to read onlineMoreLess
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