One of the most suggestive essays on Milton is that of Walter Bagehot
(1873: 27-28) thought that a persistent external drain would trigger an internal drain as the public, observing the diminution of the gold stock below the apprehension minimum and fearing a suspension of convertibility, sought to convert deposits and country bank notes into gold.
More than half the book takes the form of commentary on his predecessors' writing, particularly those he calls The great simplifiers': Walter Bagehot
might have added: In the faculty of perpetrating evil, common sense is no match for the Hegelian dialectic.
2) Walter Bagehot
, as editor of the Economist (1860-1877), was considerably less systematic in the treatment of Political Economy than the great Mill.
It was for this reason that he returned to a refurbished form of Edmund Burke's three estates in a mixed constitution, and turned away from the Liberal doctrines of such men as Walter Bagehot
, who in his The English Constitution supported the rule of the middle class.
Back in the 1860s, the great political commentator Walter Bagehot
explained the enchantment of royalty: "Its mystery is its life," he said.
The historian Jacques Barzun got it exactly right when he noted that the English writer, editor, and professional banker Walter Bagehot
(1826-1877) is "`well-known' without being known well.
Three years later, Waiter Bagehot
, in his best-known essay on poetry, used Wordsworth as his example of a "pure" poetic style, Tennyson of an "ornate" one (2:321-66).
A Digression Regarding Walter Bagehot
, the Founding of the Federal Reserve, and the Great Depression
Abernathy began her career more than three decades ago as a journalist in North Carolina--where she is a member of the Journalism Hall of Fame--and served as an editor at a number of papers, including the Dallas Times Herald, before winning a Knight Bagehot
Fellowship in Economic Journalism in 1985 and earning an M.
In effect, he took a stand resembling Walter Bagehot
's of over a century before: although Bagehot
thought competitive note issue a better and more "natural" arrangement, he considered it futile to oppose the Bank of England's monopoly, which was by then already firmly established.