18/35 In the other case you have no further liability whatever ?--Certainly. Should you not consider that a very important distinction ?--I think it is an important distinction. Take this case: suppose a party comes to us and borrows 50,000 L., and we lend it him, and when the loan becomes due we take our money back again. Surely that is not a discount on our part. Is there not this distinction, that if you re-discount you may go on pledging the liability of your bank to an almost unlimited amount, whereas in the other case you only get back that money which you have lent ?--Undoubtedly. |