The clerks, like the place, are somewhat imposing; they are in no hurry, they allow you time to look round you and imbibe the sense of awe which the magnificent mahogany counter and the brazen fittings, all the evidences of wealth, are so calculated to inspire. The hollow sound of your footstep on the floor does not seem heard; the slight 'Ahem!' you utter after you have waited a few moments attracts no attention, nor the rustling of your papers. The junior clerks are adding up column after column of figures, and are totally absorbed; the chief cashier is pondering deeply over a letter and annotating it. By-and-by he puts it down, and slowly approaches. But after you have gone through the preliminary ceremony of waiting, which is an institution of the place, the treatment quite changes. Your business is accomplished with practised ease, any information you may require is forthcoming on the instant, and deft fingers pass you the coin. In brief, the whole machinery of banking is here as complete as in Lombard Street. The complicated ramifications of commercial transactions are as well understood and as closely studied as in the 'City.' No matter what your wishes, provided, of course, that your credentials are unimpeachable, they will be conducted for you satisfactorily and without delay.
Yet the green meadows are within an arrow shot, and standing on the threshold and looking down a cross street you can see the elms of the hedgerows closing in the prospect. It is really wonderful that such conveniences should he found in so apparently insignificant a place. The intelligence and courtesy of the officials is most marked. It is clear, upon reflection, that such intelligence, such manners, and knowledge not only of business but of men (for a banker and a banker's agent has often to judge at a moment's notice whether a man be a rogue or honest), cannot be had for nothing. They must be paid for, and, in so far at least as the heads are concerned, paid liberally. It is known that the old Bank has often paid twenty and twenty-five per cent, to its shareholders. Where does all this money come from? From Hodge, toiling in the field and earning his livelihood in the sweat of his brow? One would hardly think so at first, and yet there are no great businesses or manufactories here. Somehow or other the money that pays for this courtesy and commercial knowledge, for these magnificent premises and furniture, that pays the shareholders twenty-five per cent., must be drawn from the green meadows, the cornfields, and the hills where the sheep feed.
On an ordinary day the customers that come to the bank's counter may be reckoned on the fingers. Early in the morning the Post-Office people come for their cash and change; next, some of the landlords of the principal inns with their takings; afterwards, such of the tradesmen as have cheques to pay in. Later on the lawyers' clerks, or the solicitors themselves drop in; in the latter case for a chat with the manager. A farmer or two may call, especially on a Friday, for the cash to pay the labourers next day, and so the morning passes. In the afternoon one or more of the local gentry or clergy may drive up or may not—it is a chance either way—and as the hour draws near for closing some of the tradesmen come hurrying in again. Then the day, so far as the public are concerned, is over. To-morrow sees the same event repeated.
On a market-day there is a great bustle; men hustle in and out, with a bluff disregard of conventional politeness, but with no intention of rudeness. Through the open doors comes the lowing of cattle, and the baaing of sheep; the farmers and dealers that crowd in and out bring with them an odour of animals that exhales from their garments. The clerks are now none too many, the long broad counter none too large; the resources of the establishment are taxed to the utmost. The manager is there in person, attending to the more important customers.
In the crush are many ladies who would find their business facilitated by coming on a different day. But market-day is a tradition with all classes; even the gentry appear in greater numbers. If you go forth into the Market-place you will find it thronged with farmers. If you go into the Corn Hall or Exchange, where the corndealers have their stands, and where business in cereals and seeds is transacted; if you walk across to the auction yard for cattle, or to the horse depository, where an auction of horses is proceeding; everywhere you have to push your way through groups of agriculturists. The hotels are full of them (the stable-yards full of their various conveyances), and the restaurant, the latest innovation in country towns, is equally filled with farmers taking a chop, and the inner rooms with ladies discussing coffee and light refreshments.
Now every farmer of all this crowd has his cheque-book in the breast pocket of his coat. Let his business be what it may, the purchase of cattle, sheep, horses, or implements, seed, or any other necessary, no coin passes. The parties, if the transaction be private, adjourn to their favourite inn, and out comes the cheque-book. If a purchase be effected at either of the auctions proceeding it is paid for by cheque, and, on the other hand, should the farmer be the vendor, his money comes to him in the shape of a cheque. With the exception of his dinner and the ostler, the farmer who comes to market carries on all his transactions with paper. The landlord of the hotel takes cash for the dinner, and the ostler takes his shilling. For the rest, it is all cheques cheques, cheques; so that the whole business of agriculture, from the purchase of the seed to the sale of the crop, passes through the bank.
The toll taken by the bank upon such transactions as simple buying and selling is practically nil; its profit is indirect. But besides the indirect profit there is the direct speculation of making advances at high interest, discounting bills, and similar business. It might almost be said that the crops are really the property of the local banks, so large in the aggregate are the advances made upon them. The bank has, in fact, to study the seasons, the weather, the probable market prices, the import of grain and cattle, and to keep an eye upon the agriculture of the world. The harvest and the prices concern it quite as much as the actual farmer who tills the soil. In good seasons, with a crop above the average, the business of the bank expands in corresponding ratio. The manager and directors feel that they can advance with confidence; the farmer has the means to pay. In bad seasons and with short crops the farmer is more anxious than ever to borrow; but the bank is obliged to contract its sphere of operations.
It usually happens that one or more of the directors of a country bank are themselves farmers in a large way—gentlemen farmers, but with practical knowledge. They are men whose entire lives have been spent in the locality, and who have a very wide circle of acquaintances and friends among agriculturists. Their forefathers were stationed there before them, and thus there has been an accumulation of local knowledge. They not only thoroughly understand the soil of the neighbourhood, and can forecast the effect of particular seasons with certainty, but they possess an intimate knowledge of family history, what farmer is in a bad way, who is doubtful, or who has always had a sterling reputation. An old-established country bank has almost always one or more such confidential advisers. Their assistance is invaluable.
Since agriculture became in this way, through the adoption of banking, so intimately connected with commerce, it has responded, like other businesses, to the fluctuations of trade. The value of money in Threadneedle Street affects the farmer in an obscure hamlet a hundred miles away, whose fathers knew nothing of money except as a coin, a token of value, and understood nothing of the export or import of gold. The farmer's business is conducted through the bank, but, on the other hand, the bank cannot restrict its operations to the mere countryside. It is bound up in every possible manner with the vast institutions of the metropolis. Its private profits depend upon the rate of discount and the tone of the money market exactly in the same way as with those vast institutions. A difficulty, a crisis there is immediately felt by the country bank, whose dealings with its farmer customers are in turn affected.
Thus commerce acts upon agriculture. Per contra, the tradesmen of the town who go to the bank every morning would tell you with doleful faces that the condition of agriculture acts upon trade in a most practical manner. Neither the farmer, nor the farmer's wife and family expend nearly so much as they did at their shops, and consequently the sums they carry over to the bank are much diminished in amount. The local country tradesman probably feels the depression of agriculture all but as much as the farmer himself. The tradesman is perhaps supported by the bank; if he cannot meet his liabilities the bank is compelled to withdraw that support.