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Credit means that a certain confidence is given, and a certain trust reposed. Is that trust justified? and is that confidence wise? These are the cardinal questions. To put it more simply credit is a set of promises to pay; will those promises be kept?

— Walter Bagehot Lombard Street: A Description of the Money Market (1873)

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More quotes by Walter Bagehot

One of the greatest pains to human nature is the pain of a new idea.

Physics and Politics (1869)

In truth, poverty is an anomaly to rich people. It is very difficult to make out why people who want dinner do not ring the bell.

Walter Scott : The Critical Heritage (1970)

A good horse likes to feel the rider’s bit; and a great deliberative assembly likes to feel that it is under worthy guidance.

The English Constitution (1894)

The great difficulty which history records is not that of the first step, but that of the second step.

Physics and Politics (1869)

A great assembly is as soon spoiled by over-indulgence as a little child.

The English Constitution (1894)

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Attribution

Quote text and notes from Wikiquote: Walter Bagehot (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.