[Lombard Street: A Description of the Money Market by Walter Bagehot]@TWC D-Link book
Lombard Street: A Description of the Money Market

CHAPTER XIII
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What do you mean by that general expression of yours ?--It is impossible to predicate what may happen in time of panic and alarm.
A great alarm prevailed certainly amongst the commercial world, and it could never have been alleviated, except by some extraordinary means of relief.

We might probably have been in the state in which Hamburg was, where they have no bank-notes in circulation.
1184.

[Mr.Spooner.] What did you mean by the expression, 'the last moment'?
You said that the letter came out at the last moment; the last moment of what ?--It was late in the day; it was a day of great distress.

For two days there was a great deal of anxiety, and everybody expected that there would be some relief; and it was when expectation, I suppose, was highly excited that the letter came, and it gave relief.
1185.

Cannot you tell us what your opinion would have been, if that last moment had happened to have elapsed, and the letter had not come ?--It is very difficult to say; it is too much to say that it could not have been got over.


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