In excited states of the public mind they have scarcely a discretion at all; the tendency of the public perturbation determines what shall and what s… - Walter Bagehot

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In excited states of the public mind they have scarcely a discretion at all; the tendency of the public perturbation determines what shall and what shall not be dealt with. But, upon the other hand, in quiet times statesmen have great power; when there is no fire lighted, they can settle what fire shall be lit. And as the new suffrage is happily to be tried in a quiet time, the responsibility of our statesmen is great because their power is great too.

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About Walter Bagehot

Walter Bagehot (February 3 1826 – March 24 1877) was an English businessman, essayist and journalist who wrote about literature, government and economics.

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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?

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