A Description of the Money Market, by WALTER BAGEHOT. Edited with a
new Preface by HARTLEY WITHERS. "There is no city man, however
ripe his experience, who could not add to his knowledge from its
pages."--_Financial News_.





"Blest paper credit! last and best supply!
That lends Corruption lighter wings to fly:
Gold imp'd by thee, can compass hardest things,
Can pocket States, can fetch or carry Kings;
A single leaf shall waft an Army o'er,
Or ship off Senates to a distant Shore;
A leaf, like Sibyl's, scatter to and fro
Our fates and fortunes, as the winds shall blow;
Pregnant with thousands flits the Scrap unseen,
And silent sells a King, or buys a Queen."

POPE, _Moral Essays_.




PREFACE


At a time when Finance is of greater importance than ever before, it
is hoped that this small volume may be of interest and value to the