Such years alter altogether an important part of the mercantile world: the final question of bill-brokers, 'which bills will be paid and which will not?
which bills are second-rate and which first-rate ?' would be answered very differently at the beginning of the year and at the end.

No one can be a good bill-broker who has not learnt the great mercantile tradition of what is called 'the standing of parties' and who does not watch personally and incessantly the inevitable changes which from hour to hour impair the truth of that tradition.

The 'credit' of a person--that is, the reliance which may be placed on his pecuniary fidelity--is a different thing from his property.

No doubt, other things being equal, a rich man is more likely to pay than a poor man.

But on the other hand, there are many men not of much wealth who are trusted in the market, 'as a matter of business,' for sums much exceeding the wealth of those who are many times richer.