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.

RECOINAGE OF 1696 the land tax?! should be continued; and the landed interest A.D. 1689 were, partly by their own action in raising an opposition to 7. the excise, left to nurse their grievance about the unfair pus se share of the burden of taxation which they were called upon §fi.%n | to bear’. The subsequent wars rendered it impossible for ee any statesman to attempt systematic reforms, and the fiscal imprac- arrangements of the country continued to give special toate support to manufacturers. Capitalists of every class were relieved of any heavy burden, and special pains were taken to stimulate industry, both native and exotic. XIII. Currency AND CREDIT. 215. The condition of the currency was an important element in all the controversy which preceded and accom- panied the founding of the Bank of England. At a time when the only recognised circulating medium consisted of The de- . . . . Jficiency of the precious metals, there was a general, if mistaken, anxiety ‘standard that the amassing of money in a bank would tend to denude **™ the country of the circulating medium. It was contended that the starting of such an institution would tend to in- convenience traders, to bring about a rise of prices, and to cause increased trouble in collecting the king’s taxes. The deficiency of currency was a very real and serious difficulty which pressed on many persons; and it was so far aggra- vated, during the re-coinage of 1696, that the Bank was unable to cash its notes with the accustomed punctuality. The story of the amendment of the silver coins, in 1696, is which ne not so well known as that of the Elizabethan re-coinage; rad but it throws some interesting side lights on the conditions gf 54s, of the times, and deserves more than a passing notice. The causes, which had reduced the currency to such a state that re-coinage was necessary, were different from those that had brought about the similar evil in Tudor times. The debased t There is a curious parallelism and a curious contrast between the views of Davenant and those of Walpole: they start as it were from opposite principles, but the goal towards which they worked was similar. Davenant advocated an excise as & substitute for borrowing, Walpole as a substitute for the land tax: Davenant would have avoided incurring a debt, Walpole attempted to pay it off. 2 On the effects of this in 1815. see below. n. 729.

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