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

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A.D. 1689 ~1776. The Whigs. hy organ- ising the Bank of England 24rcum- scribed the power of the Crown 110 PARLIAMENTARY COLBERTISM she herring trade’. Protection in any form is apt to entail some unsatisfactory results in society, and the increase of smuggling was an evil which sprang directly out of attempts at the national encouragement of industry. It is impossible to estimate the pecuniary loss which occurred?, and the demoralisation, which was due to these premiums on evading the law and on dishonesty, brought about a serious lowering of the ordinary respect for the law. 211. The establishment of the Bank of England was another economic change which diminished the importance of the monarchy in the realm. It has been commonly remarked that, by linking the interests of the moneyed men to the revolutionary settlement, it played a great part in extinguishing the chances of a Jacobite restoration ; but its constitutional importance lay far deeper than this. The organisation of this institution brought the power of the Crown to borrow still more completely under parliamentary control. When the taxes were assigned®, and the Crown lands* administered by Parliament, there was little security that the monarch was free to offer to moneyed men, if he wished to borrow. At the Revolution, the House of Commons obtained a practical control, not only over the taxation levied from the landed men, but also over the advances made by the moneyed classes’. The crisis, when Charles I. had been npon linens, made in that part of Great Britain called Scotland, and in Ireland, which may have been put on foreign linens, in order to vend them as linens of the manufacture of that part of Great Britain called Scotland, or of Ireland.” [8 G. II. c. 24. 1 5and 6 W.and M.c. 7, § 10. 3 The smuggling of wool to the Continent during the period when the export was absolutely prohibited attained enormous proportions; it was estimated in 1788 at 11,000 packs annually (Bischoff, 4 Comprehensive History of the Woollen and Worsted Manufactures, 1. 241). Profitable illicit trade was carried on in many articles of import. Sir Matthew Decker (Serious Considerations, p. 6) alleges the case of one man in Zeeland who exported to England half-a-million pounds of tea. He had started life as a common sailor, but prospered so that he bad come to own four sloops which he employed in running tea. 8 The assignment of taxes and separate keeping of accounts lasted till Pitt's time, see Chisholm, Notes on the Heads of Public Income and Expenditure, in Reports, 1868-9, xxxv. Ap. 18, p. 811, printed pag. 327. 4 The Crown lands were almost valueless at the Revolution, Parl. Hist. v. 552. Bee also Chisholm, Reports, 1868-9, xxxv. Ap. 13, on Crown Lands, p. 915, printed pag. 431. Commons Journals, xLvit. 836, Report of the Board of Land Revenue. 3 (amnare the Resolutions passed in 1681 on this topic. Parl. Hist. 1v, 1294.

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