LOMBARD STREET

Walter Bagehot

Why does a whole credit system collapse into panic when a country holds only a small reserve of cash?

At a glance

You will see why a sudden demand for cash can shatter a credit system that rests on a small reserve
You will stop sorting panics by cause, since a bad harvest, war scare or failed firm all need one defence: a large cash reserve
You will notice how regular changes make credit more delicate at some seasons, feeding the idea of a panic every ten years

Lombard Street: A Description of the Money Market
CHAPTER I. Introductory.
CHAPTER II. A General View of Lombard Street.
CHAPTER III. How Lombard Street Came to Exist, and Why It Assumed Its Present Form.
CHAPTER IV. The Position of the Chancellor of the Exchequer in the Money Market.
CHAPTER V. The Mode in Which the Value of Money Is Settled in Lombard Street.
CHAPTER VI. Why Lombard Street Is Often Very Dull, and Sometimes Extremely Excited.
CHAPTER VIII. The Government of the Bank of England.
CHAPTER IX. The Joint Stock Banks.
CHAPTER X. The Private Banks.
CHAPTER XI. The Bill-Brokers.
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