[Lombard Street: A Description of the Money Market by Walter Bagehot]@TWC D-Link bookLombard Street: A Description of the Money Market CHAPTER I 8/25
They advance on foreign stocks, as the phrase is, with 'a margin;' that is, they find eighty per cent of the money, and the nominal lender finds the rest.
And it is in this way that vast works are achieved with English aid which but for that aid would never have been planned. In domestic enterprises it is the same.
We have entirely lost the idea that any undertaking likely to pay, and seen to be likely, can perish for want of money; yet no idea was more familiar to our ancestors, or is more common now in most countries.
A citizen of London in Queen Elizabeth's time could not have imagined our state of mind.
He would have thought that it was of no use inventing railways (if he could have understood what a railway meant), for you would not have been able to collect the capital with which to make them.
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