The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1006296646

URN:: urn:nbn:de:zbw-retromon-19592

Document type:: Monograph

Author:: Somary, Felix http://d-nb.info/gnd/119189518

Title:: Bankpolitik

Place of publication:: Tübingen

Publisher:: Verlag von J.C.B. Mohr (Paul Siebeck)

Year of publication:: 1915

Scope:: 1 Online-Ressource (XI, 289 Seiten)

Digitisation:: 2017

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: III. Der Kapitalmarkt

Collection:: Economics Books

CONTENTS xvii requent temptation to over-trading; while Pitt used hia power of borrowing 30 persistently, and political affairs were so threatening, that the Bank had o suspend cash payments. . . . . . ¥ 689 258. The National Debt and the Sinking Fund. Much of the fiscal burden was deferred, and while Pitt's Sinking Fund, which avoided the errors in Walpole’s scheme, inspired mistaken confidence, it served to encourage reckless borrowing. . . . . . « . 695 259. The Suspension of Cash Payments. After the suspension of cash payments, there was no check on the unconscious depreciation of the currency by the over-issue of paper, which tended to raise general prices and to reduce the purchasing power of wages. The authorities of the Bank contested the fact of depreciation, but recent experience in Ireland rendered the true state of the case clear to the Bullion Committee of 1810, and their principles were adopted in 1819, when cash payments were resumed. 699 260. The Demand for Food and Higher Farming. The working slasses suffered from the high price of corn, which was partly due to the increased demand of the manufacturing population. There were large supplies of meat, and great pains were taken to manage the available corn to advantage, to encourage the importation of food from abroad, and to dis. courage waste. » . v » . . . . * 703 261. Enclosure and the Labourers. With the view of increasing the home production of corn, enclosure was pushed on, in the belief that the whole rural population would be benefited; but this hope proved mistaken. in a large number of cases the labourer lost the opportunities of supple. menting his income, and was deprived of the hope of rising in the world. . 2 . ” . . . . - . . 711 262. Rural Wages and Allowances. It appeared impracticable to reintroduce the assessment of wages; and in a period of severe distress, the justices began to grant allowances to the families of able-bodied men systematically, with disastrous results in pauperising the population, while by-occupations and village industries decayed, and the tendency to migrate to towns increased. . . . * « eo 1715 263. The Agricultural Interest and the Corn Laws. The Corn Law of 1689 had been successful in both its objects, for many years; that of 1773 was intended to secure a food supply, either from home or abroad, at a steady price; but Parliament reverted to the principle of promoting native pro- duction, in 1791, and gave an unhealthy stimulus to tillage for a time, with the result that landlords were threatened with ruin at the Peace, The Act of 1815 was passed on plausible grounds, but in the interest of the landlords as a class, to the detriment of the consumers, and without controlling prices so a8 to encourage steady agricultural improvement. . . . 723 264. The Combination Laws. The working classes not only failed to obtain redress under the existing laws, but suffered from the passing of a new Combination Act in a time of political panic, and despite protests sgainst its injustice. Friendly Societies continued to exist ; but associations for trade purposes were liable to prosecution ; though this was not systematie- ally enforced, an intense sense of injustice was roused. . v 732 265. Economic Experts. The reluctance of Parliament to attempt remedial legislation was due to the influence of economic experts, who

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