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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LAISSEZ FAIRE this country by those, no part of whose produce had been exported to represent their consumption. One of the most certain symptoms that can be shown of an undue absorption of capital going forward in internal investments, is when we see our imports increasing more rapidly than our exports, or when the former are increasing and the latter are diminishing.” The phenomena thus described continued to manifest themselves for several years; and their effects were in many ways peculiar; in noné more so than in bringing about large payments for customs and excise, so that there were prosperous budgets while trade was generally speaking depressed®. The irony of the situation seemed complete, when an abundant harvest induced a crisis, by bringing about a fall in the price of corn. During the preceding years there had been large importations of cereals from the United States, which were partly occasioned by the potato famme in Ireland. The Liverpool merchants were unable, in the autumn of 1847, to obtain the prices they anticipated; several firms collapsed, and more than one of the Liverpool and Manchester banks stopped payment. The position of the Bank of England seemed critical, as the reserve was reduced, during the last fortnight of October, from over £3,000,000 to £1,600,000% Paper of every sort was so discredited that there was great difficulty in carrying on monetary transactions, and at last the Government yielded to the pressure of mercantile opinion and suspended the Bank Act, so that notes could be issued, while at the same time the rate was raised to 8°, The mere knowledge that reliable paper was forthcoming served to allay the tension, and the Bank did not find it necessary, after all, to issue notes beyond the number permitted by the Act of 1844. The incident did much to discredit the reputation of Peel The Bank as a financial authority. The measure, which had been justifies its , “ . ‘ position. intended to prevent the inflation of prices, had served to check the action of the Bank in intervening to redress the 328 | Wilson, Capital, Currency and Banking, p. Xvil # Northcote, Twenty Years, 83. Palgrave, Dictionary, 8.v. Crisis.

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