The bill-broker brought bills to the banker, just as others brought them; nothing at all could be said as to it except that the Bank must not discount bad bills, must not discount too many bills, and must keep a good reserve.

But the modern practice introduces more complex considerations.

In the trade of bill-broking, as it now exists, there is one great difficulty; the bill-broker has to pay interest for all the money which he receives.

How this arose we have just seen.

The present lender to the bill-broker at first always used to discount a bill, which is as much as saying that he was always a lender at interest.