Lombard Street – A Description of the Money Market – Walter Bagehot
In ‘Lombard Street’, the money market is pictured as it really was in 1850-1870, and as Bagehot saw it with philosophic eyes. Beginning with the sentence, “The objects which you see in Lombard Street are the Bank of England, the joint stock banks, the private banks and the discount houses,” he describes briefly and clearly the respective functions of these different bodies in the organism of the city, according to his own close observation as a banker himself, knowing the ways and thoughts of the men he describes, and as a man of business likewise in other ways, knowing at first hand the relation of banking to the trade and commerce of the country.
Lombard Street – A Description of the Money Market.
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Biography of Walter Bagehot (from Wikipedia):
Bagehot was born in Langport, Somerset, England, on 3 February 1826. His father, Thomas Watson Bagehot, was managing director and vice-chairman of Stuckey’s Banking Company. He attended University College London (UCL), where he studied mathematics, and in 1848 earned a master’s degree in moral philosophy. Bagehot was called to the bar by Lincoln’s Inn, but preferred to join his father in 1852 in his family’s shipping and banking business.
In 1858, Bagehot married Elizabeth (Eliza) Wilson (1832–1921), whose father, James Wilson, was the founder and owner of The Economist; the couple were happily married until Bagehot’s untimely death at age 51, but had no children. A collection of their love-letters was published in 1933.
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