This is the exact reverse of the practice which Mr.Richardson described in 1810; then the lender relied wholly on the goodness of the bill, now, in these particular cases, he relies solely on the bill-broker, and does not take a bill in any shape.

Nothing can be more natural or more inevitable than this change.

It was certain that the bill-broker, being supposed to understand bills well, would be asked by the lenders to evince his reliance on the bills he offered by giving a guarantee for them.

It was also most natural that the bill-brokers, having by the constant practice of this lucrative trade obtained high standing and acquired great wealth, should become, more or less, bankers too, and should receive money on deposit without giving any security for it.
But the effects of the change have been very remarkable.

In the practice as Mr.Richardson described it, there is no peculiarity very likely to affect the money market.