Excerpt from Banks Cash Reserves: Threadneedle Street; A Reply to Lombard Street (by the Late Mr. Walter Bagehot) And an Alternative Proposal to the One-Pound Note Scheme Sketched by Mr. Goschen at Leeds
There are times when a merchant will make almost any sacrifice to obtain ready money. He has entered into no rash speculations, and has only to meet the ordinary legitimate demands of his business, but in order to do so he is suddenly called upon to make a heavy and unexpected loss. To this he gladly submits, for he has been in terror lest no sacrifice could save him from bankruptcy and ruin. But how has this been brought about? Why has he doubted whether his banker would afford him the usual accommodation which when entering into his business engagements he had been relying upon? Or, take the case of a merchant who has a credit of. 60, 000at his bankers.
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