The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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

Document type:: Monograph

Structure type:: Contents

Collection:: Economics Books

viii CONTENTS controlled the administrative system. The legislative method of fostering economio life, by bounties, proved cumbrous and costly. . ’ 406 211. Parliamentary Control over Public Borrowing. The Whigs, by organising the Bank of England, deprived the Crown of the power of borrowing independently, and thus changed the centre of gravity in the State. The new institution also gave facilities for commercial advance. . 410 212. The Parliament of Great Britain. The Whigs exercised their new power over the plantations in a jealous spirit, as they were afraid of any hostile competition with the mother country, or of any colonial intercourse with the French, and specially jealous of the increase of any sources of royal revenue which they could not control. The Scottish Darien scheme awakened hostility and suspicion, and these could only be set at rest by a legislative Union. The Dual Monarchy had worked un- satisfactorily in Scotland, and the details of the actual scheme for Union disarmed Scotch opposition generally ; but the economic effects were not obviously beneficial to the Northern Kingdom at first, though the ultimate results have been good. « . . ‘ ‘ . 413 XII. Pusric FINANCE. 918, Permanent Annuities. The organisation of the Bank superseded the practice of borrowing in anticipation of particular branches of revenue; the granting of permanent annuities gave the Government command of large sums on easy terms, but in accordance with the Whig principle of parliamentary control. The financial expedient proved convenient, though there was a real danger of imposing & burden on posterity, without compensatory benefits, and of increasing the charges on revenue; so that Walpole endeavoured to pay off the principal by means of a Sinking Fund. . . . . . 7 . . ” . . 419 214. Possible Sources of Revenue. The fiscal system of the country had been reconstituted during the Interregnum; and proposals were now made to render it more equable and fruitful, by developing the excise, though this was objected to both on economic and political grounds. Walpole’s fiscal reforms were intended to foster industry and eommerce, 80 that he might be able to dispense with the land tax; but the agitation they roused rendered his schemes impracticable. ‘ . - . o 424 XIII. CuRrRENCY AND CREDIT. 215. The Recoinage of 1695. The deficiency of standard coin, which necessitated the recoinage of 1696, was not due to debagement of the igenes. The results of allowing the unrestricted export of bullion, and the practice of free coining of hammered money, afforded profitable oppor- tunities for clipping and sweating the coin, so as to cause great incon- venience, and to bring about a rise of prices as calculated in silver. Lowndes’ scheme for amending the coin, with the least disturbance to prices, was ingenious, but inconvenient, and the old denominations were retained in the recoinage which was carried through by Sir Isaac Newton, who also attempted to settle the difficulty about the rating of gold. 431 216. Paper-money. The necessary conditions for the introduction of a convertible paper currency were provided by the Bank of England,

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