ABSTRACT
When the modern Money Market, with some approximation to its present form, presents itself after Waterloo, the glamour of age, experience, and financial predominance had already gathered around the Bank of England. It had grappled with more than one crisis. It had been the rallying point of the money-interests in many a storm. Even its quasi-disciplinary position–earlier evidenced rather in the form of resentment–(p. 232) is demonstrated by Mr. Whitmore’s evidence before the Bullion Committee in 1810. Mr. Whitmore, who was Governor of the Bank at the time, told the Committee 1 that he well remembered the Bank limiting a certain sum of discount to be made to each commercial house applying for it. Dorrien was asked by the 1819 Committee if an unusual demand for discount, from a given house, at a time when the exchanges were unfavourable to this country, would be considered in the light of the last-named factor of the problem. He said it would :–
