singularly remarkable for its material progress, and almost
marvellous in its banking development. Even, therefore, if the facts
so much referred to in 1844 had the importance then ascribed to
them, and I believe that in some respects they were even then
overstated, there would be nothing surprising in finding that in a
new world new phenomena had arisen which now are larger and
stronger. In my opinion this is the truth: since 1844, Lombard
Street is so changed that we cannot judge of it without describing
and discussing a most vigorous adult world which then was small and
weak. On this account I wish to say as little as is fairly possible
of the Act of 1844, and, as far as I can, to isolate and dwell
exclusively on the 'Post-Peel' agencies, so that those who have had
enough of that well-worn theme (and they are very many) may not be
wearied, and that the new and neglected parts of the subject may be
seen as they really are.

The briefest and truest way of describing Lombard Street is to say
that it is by far the greatest combination of economical power and
economical delicacy that the world has even seen. Of the greatness
of the power there will be no doubt. Money is economical power.
Everyone is aware that England is the greatest moneyed country in
the world; everyone admits that it has much more immediately
disposable and ready cash than any other country. But very few
persons are aware how much greater the ready balance--the floating
loan-fund which can be lent to anyone or for any purposeis in
England than it is anywhere else in the world. A very few figures
will show how large the London loan-fund is, and how much greater it
is than any other. The known deposits--the deposits of banks which
publish their accounts--are, in