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Lombard Street : A Description of the Money Market

By Bagehot, Walter

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Book Id: WPLBN0000624838
Format Type: PDF eBook
File Size: 278.40 KB
Reproduction Date: 2005

Title: Lombard Street : A Description of the Money Market  
Author: Bagehot, Walter
Language: English
Subject: Literature, Literature & thought, Writing.
Collections: Blackmask Online Collection
Publication Date:
Publisher: Blackmask Online


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Bagehot, W. (n.d.). Lombard Street : A Description of the Money Market. Retrieved from

Excerpt: Chapter 1. Introductory Note. I venture to call this Essay ?Lombard Street,? and not the ?Money Market,? or any such phrase, because I wish to deal, and to show that I mean to deal, with concrete realities. A notion prevails that the Money Market is something so impalpable that it can only be spoken of in very abstract words, and that therefore books on it must always be exceedingly difficult. But I maintain that the Money Market is as concrete and real as anything else; that it can be described in as plain words; that it is the writer?s fault if what he says is not clear. In one respect, however, I admit that I am about to take perhaps an unfair advantage. Half, and more than half, of the supposed ?difficulty? of the Money Market has arisen out of the controversies as to ?Peel?s Act,? and the abstract discussions on the theory on which that act is based, or supposed to be based. But in the ensuing pages I mean to speak as little as I can of the Act of 1844; and when I do speak of it, I shall deal nearly exclusively with its experienced effects, and scarcely at all, if at all, with its refined basis.

Table of Contents
Table of Contents: Lombard Street: A Description of the Money Market, 1 -- Walter Bagehot, 1 -- Chapter I. Introductory, 1 -- Chapter II. A General View of Lombard Street, 6 -- Chapter III. How Lombard Street Came to Exist, and Why It Assumed Its Present Form, 21 -- Chapter IV. The Position of the Chancellor of the Exchequer in the Money Market, 28 -- Chapter V. The Mode in Which the Value of Money Is Settled in Lombard Street, 31 -- Chapter VI. Why Lombard Street Is Often Very Dull, and Sometimes Extremely Excited, 33 -- Chapter VII. A More ExAct Account of the Mode in Which the Bank of England Has Discharged Its Duty 4 Chapter VIII. The Government of the Bank of England, 57 -- Chapter IX. The Joint Stock Banks, 66 -- Chapter X. The Private Banks, 72 -- Chapter XI. The Bill?Brokers, 75 -- Chapter XII. The Principles Which Should Regulate the Amount of the Banking Reserve to Be 1Kept by the Chapter XIII. Conclusion,


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