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

CHAPTER VIII
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At any rate, it comes more suddenly, and must be dealt with more immediately, than most comparable difficulties; and the judgment, the nerve, and the vigour needful to deal with it are plainly rare and great.
The natural remedy would be to appoint a permanent Governor of the Bank.

Nor, as I have said, can there be much doubt that such was the intention of its founders.

All the old companies which have their beginning in the seventeenth century had the same constitution, and those of them which have lingered down to our time retain it.

The Hudson's Bay Company, the South Sea Company, the East India Company, were all founded with a sort of sovereign executive, intended to be permanent, and intended to be efficient.

This is, indeed, the most natural mode of forming a company in the minds of those to whom companies are new.


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