[Lombard Street: A Description of the Money Market by Walter Bagehot]@TWC D-Link bookLombard Street: A Description of the Money Market CHAPTER IX 26/28
You might as well attempt to guide the affairs of the nation by means of a cabinet similarly changing. Our great joint stock bands are imprudent in so carefully concealing the details of their government, and in secluding those details from the risk of discussion.
The answer, no doubt will be, 'Let well alone; as you have admitted, there hardly ever before was so great a success as these banks of ours: what more do you or can you want ?' I can only say that I want further to confirm this great success and to make it secure for the future.
At present there is at least the possibility of a great reaction.
Supposing that, owing to defects in its government, one even of the greater London joint stock banks failed, there would be an instant suspicion of the whole system.
One _terra incognita_ being seen to be faulty, every other _terra incognita_ would be suspected.
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