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Lombard Street : a description of the money market by Walter Bagehot
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LOMBARD STREET

A Description of the Money Market.

By WALTER BAGEHOT






CHAPTER I.

Introductory.





I venture to call this Essay 'Lombard Street,' and not the 'Money
Market,' or any such phrase, because I wish to deal, and to show
that I mean to deal, with concrete realities. A notion prevails that
the Money Market is something so impalpable that it can only be
spoken of in very abstract words, and that therefore books on it
must always be exceedingly difficult. But I maintain that the Money
Market is as concrete and real as anything else; that it can be
described in as plain words; that it is the writer's fault if what
he says is not clear. In one respect, however, I admit that I am