First published in 1916, this work is still recognised as a valuable historical and analytical study of the rise and development of finance as a centralised, coordinated force during the period 1385 to 1915. It examines the evolution of the modern money market, and describes amongst other things the decline of the anti-usury sentiment, the beginnings of banking, and the early stock exchange. In detail the author goes on to discuss everything from the rise of the joint stock banks to the post-banking evolution.
Part 1. Introductory Historical Sketch 1. The Embryology of the Money Market 2. The Early Money Market; Decline of Anti-Usury Sentiment; Beginnings of Banking 3. The Supremacy of the Goldsmith Bankers 4. The Bank of England: Extension of Banking Enterprise 5. The Stock Exchange (1500-1815) 6. The Joint Stock Company; Transferable Shares and Limited Liability; Insurance Part 2. The Nucleus of Organisation 7. The Prestige of the Bank of England Part 3. The Rise of the Modern Money Market 8. The Modern Money Market; The Biological Analogy Elaborated 9. The Aggregation of Capital; The Absence of Banking Principles 10. The Rise of the Joint Stock Banks 11. The Panic of 1825 and the ‘Pressure’ of 1836-1839 12. The Bank Charter Act and the 1847 Panic 13. The 1857 Panic; The Widening Area and the ‘New Spirit’ in Finance 14. The Overend-Gurney Crisis and the End of Isolation and Disunion 15. Natural Selection Among the Banks; Absorption and Amalgamation 16. The Financial Trusts; ‘Investment by Proxy’ and Its Extension Part 4. The Struggle Towards Consolidation 17. Financial Confederacy ‘In a Flood’ 18. The Baring Crisis, 1890 19. The Stock Exchange As a Function of the Modern Money Market Part 5. Confederacy, The Great Avowal and the Supreme Test 20. Post-Baring Evolution; Bankers’ Council at the Bank of England