The War and Our Financial Fabric

Credit, which banks are said to create, has several connotations. It has a social, an ethical, and a financial connotation, and it is necessary to examine awhile these connotations. From the derivation, or original conception of the word, or idea, it is an expression of belief or trust, as distinct from disbelief and distrust.

In the social world, when we say a person stands in high credit, what is it we imply? That he is a rich man, a man of great wealth? By no means. He may be a poor man, that is to say poor relatively to the position he occupies. In the social sphere he can carry considerable weight even though he may be dishonest, dishonourable and immoral. We ignore his vices, yet hold him in high esteem. His credit is based less on his character than on our snobbery. We bow before title and caste, irrespective of the merits of the individual. A lord of bad character will be more sought after, receive more flattery and deference, than a no-titled man of noble character. If we were not snobbish we should despise him as he deserves.