[Lombard Street: A Description of the Money Market by Walter Bagehot]@TWC D-Link book
Lombard Street: A Description of the Money Market

CHAPTER X
7/23

If they were bred in it they might stay in it; but they would never begin it for themselves.

And if they did, I expect people would begin to doubt even of their wealth.
It would be said, 'What does A B go into banking for?
he cannot be as rich as we thought.' A millionaire commonly shrinks from liability, and the essence of great banking is great liability.

No doubt there are many 'second-rate' rich men, as we now count riches, who would be quite ready to add to their income the profit of a private bank if only they could manage it.

But unluckily they cannot manage it.

Their wealth is not sufficiently familiar to the world; they cannot obtain the necessary confidence.


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