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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24 2 oa ef e st y Wr 1t 1% Sf eae an iter Jhis nty and 441 age ner, But the 'Urse ir of ABES 3 out pon y old RECOINAGE OF 1696 435 the currency was most deplorable. Very little silver was A.D. 1689 to be had, and what was forthcoming was defective and ~~ ° debased. As Lowndes says, “Great contentions do daily arise amongst the King’s Subjects, in Fairs, Markets, Shops, and other Places throughout the Kingdom, about the Passing or Refusing of the Same, to the disturbance of the Public Peace; many Bargains, Doings and Dealings are totally prevented and laid aside, which lessens Trade in general; Persons before they conclude in any Bargains, are necessi- tated first to settle the Price or Value of the very Money they are to Receive for their Goods; and if it be in Guineas at a High Rate, or in Clipt or Bad Moneys, they set the Price of their Goods accordingly, which I think has been One great cause of Raising the Price not only of Mer- chandizes, but even of Edibles, and other Necessaries for the sustenance of the Common People, to their Great Grievance. The Receipt and Collection of the Publick Taxes, Revenues and Debts (as well as of Private Mens Incomes) are extreamly retarded.” The larger silver pieces had suffered most and the smaller coins were comparatively uninjured; but the malpractices had been carried so far gulte that the prices of commodities in silver appear to have risen arieof considerably, This metal was still the recognised standard 27ic® 2, of currency, and the fall in the value of silver coins became in silver. apparent, both in the high rates which had to be paid for guineas? and in the unfavourable state of the exchanges?. It became obvious that no satisfactory remedy could be carried out, unless the evil was dealt with in a thorough- going fashion, and the old coinage was called in. An in- genious scheme for amending the silver coinage, with the least possible disturbance to prices, was put forward by Mr Lowndes, the Secretary of the Treasury. He proposed i that the new money should be issued at higher denomina- ending bons; a silver coin of the weight and fineness of the old “4% crown should be made current, not as 60, but as 75 pence, Soagh ais. and the half-crown should represent, not 80, but 37} pence. to prices + Essay for Amendment (1695), in Maceulloch, Tracts, p. 233. ! The silver price of guineas was from 24/- to 30/. Haynes, op. cit. 120. ¢ The discount on English drafts in Amsterdam varied between 13-7 per cent. and 23-5 per cent. Thorold Rogers, First Nine Years of the Bank of England, 40. 28.9 30 as to couse great incon- venience

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