The Industrial Revolution

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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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140 PARLIAMENTARY COLBERTISM cash in reserve, on the faith of the interest due to it from the Government. Foreign bills were discounted at 6°, and home bills at 4} %/,, customers’ bills were discounted at 3} fo, and the Bank announced its readiness to make advances on plate, or any of the useful metals at 49/,. The credic From its formation and until 1844, the banking business nh of making advances to traders, and the issue of notes by the onl ne Bank, were inextricably connected. The success of the new recon institution, as a bank which offered to advance money at low rates, helped to render its notes generally acceptable. The critical moment in regard to the new currency occurred during the re-coinage in 1696; on the 4th of May, when most of the current cash of the country was withdrawn, and few new coins had been issued from the Mint, an organised attack was made upon the Bank by goldsmiths, who had collected large numbers of its notes and presented them for immediate payment. The Bank was unable to meet its engagements’, though it continued for a time to satisfy the demands which came upon it in the ordinary course of trade. By making a call upon its proprietors, and by the indulgence of certain creditors, the directors were able to tide over the evil day. Coinage was so scarce for many months that traders were forced to fall back upon substitutes for money?, and became gradually more habituated to the use of paper but despite currency; but during the re-coinage there was so much some - . . . . hesitancy hesitancy about it, that the difficulty of the time was in- of /hepart creased. Haynes, as a Mint official, spoke with some wiblic contempt of all forms of money, other than the precious metals? and there were doubtless many others who shared A.D. 1689 —1776. 1 For excellent suggestions as to the course which should have been pursued by the Directors at this time, Aug. 31, 1696, see Review of the Universal Remedy of all the Diseases incident to Coin, p. 56. 2 Kennett, Complete History, 111. p. 725. 3 «The great Arrears of the Government like an Inundation and all sorts of Paper creditt in Orders, Bills, Noats, Bonds, Assignments etc., overflowed the Kingdom. All our wealth seem'd to consist in a little Gold and adulterated Silver, a world of wooden Scores and paper Sums. Never was there known before such vast debts owing for Excise and Customs, upon Bills and Bonds unsatisfyed. All sorts of Provisions grew to an extravagant Price, which was an additional hardship to day labourers and Artificers, besides their want of Mony and Credit. Upon the whole, wee had all the symptoms upon us of a Bankrupt sinking State and an undone people.” Haynes, op. cit. 94.

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