Was lent, did not borrow it to lock it up; they borrow it, in the language

He would be a lender of such magnitude and so much influence, that he might command his own terms. The increase in Mr. We need not too precisely examine such language; the element of truth in it is very plain–the great advances made to Overends were a principal event in the panic of 1857; the bill-brokers were then very much what the bankers were lately they were the borrowers who wanted sudden and incalculable advances.

Some of the items in the calculation are definitely known, but others, the amount annually melted, for example, are almost entirely a matter of guesswork. They must be prepared to supply rupees in payment for Council Bills or in exchange for sovereigns. ). Deposit banking is a very difficult thing to begin, because people do not like to let their money out of their sight, especially do not like to let it out of sight without security–still more, cannot all at once agree on any single person to whom they are content to trust it unseen and unsecured. If the interest were raised, the charge on the revenue would be of course proportionate to the increase of rate of interest.

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