...gain, is a luxury which no country has ever enjoyed with even comparable equality before. But thpugh these occasional loans to new enterprises and foreign...discount their bills ' largely, and with the capital so bprrowed, harass and press upon, if they do not eradicate, the old capitalist. The new trader has obviously...

...for he would have been wholly unable to conceive that money could ever be found to make them with. English trade is carried on upon borrowed capital to an extent of which foreigners have no idea ; and utterly exceeding any notion of our forefathers only a few generations...

...for he would have been wholly unable to conceive that money could ever be found to make them with. English trade is carried on upon borrowed capital to an extent of which foreigners have no idea ; and utterly exceeding any notion of our forefathers only a few generations...

...for he would have been wholly unable to conceive that money could ever be found to make them with. English trade is carried on upon borrowed capital to an extent of which foreigners have no idea ; and utterly exceeding any notion of our forefathers only a few generations...

...whole — either now or in the past— it is certain that in poor states there is no spare money for new and great undertakings, and that in most rich...idea, and none of our ancestors could have conceived. Ir every district small traders have arisen, who ' discount their bills ' largely, and with the capital...

...effect enormous purchases, out of all proportion with his capital " ° Bagehot goes still further : " In every district small traders have arisen, who '...and press upon, if they do not eradicate, the old capitalist. The new trader has obviously an immense advantage in the struggle of trade. If a 'merchant...

...Street, p. 8) for an illustration of the positive disadvantages of having money of your own. ' Every trade is carried on upon borrowed capital to an extent...traders have arisen who ' discount their bills ' largely [this expression means borrow money on credit], and with the capital so borrowed harass and press upon...

...as a whole, either now or in the past, it is certain that in poor states there is no spare money for new and great undertakings ; and that in most rich...and press upon, if they do not eradicate, the old capitalist. The new trader has obviously an immense advantage in the struggle of trade. If a merchant...

...probable gain, is a luxury which no country has ever enjoyed with even comparable equality before. foreigners have an idea, and none of our ancestors...and press upon, if they do not eradicate, the old capitalist. The new trader has obviously an immense advantage in the struggle of trade. If a merchant...

...effect enormous purchases, out of all proportion to his capital." Mr. Bagehot goes further still.3 "In every district small traders have arisen, who...and press upon, if they do not eradicate, the old 1 See Book IV., Commercial Crises. 3 Inquiry into the Currency Principal. 3 Lombard Street, p. 8. capitalist....