have to shut up its shop.

If they and their work ceased, we should all starve, and the financiers
would have nothing behind the pieces of paper that they handle. If
finance and the financiers were suddenly to cease, there would be a very
awkward jar and jolt in our commercial machinery, but as long as the
stuff and the means of carrying it were available, we should very soon
patch up some other method for exchanging it between one nation and
another and one citizen and another. The supremacy of the London bill of
exchange was created only to a small extent by any supremacy in London's
financial machinery; it was based chiefly on the supremacy of England's
world-wide trade, and on our readiness to take goods from all nations.
The consequence of this was that traders of all nations sold goods to
us, and so had claims on us and drew bills on us, and bought goods from
us, and so owed us money and wanted to buy bills drawn on us to pay
their debts with. So everywhere the bill on London was known and
familiar and welcome. If the Americans are able and willing to develop
such a world-wide trade as ours, then the bill on New York will have a
vogue all over the world just as is enjoyed by the bill on London. Then
London and New York will have to fight the matter out by seeing which
will provide the best and cheapest machinery for discounting the bill,
that is, turning it into cash on arrival, so that the holder of it shall
get the best possible price at the present moment, for a bill due two or
three months hence.

In this matter of machinery London has certain advantages which ought,
if well used and applied, to stand her in good stead in any struggle
that lies ahead of her. London's credit machinery has grown up in almost
complete freedom from legislation, and it has consequently been able to
grow, without let or hindrance, along the lines that expediency and