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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150 . PARLIAMENTARY COLBERTISM schemes. The terrible crisis of 17201 was the occasion of efforts to check the operations of projectors?, and rendered the public more chary of being beguiled by every romance and made them realise the importance of capital as the basis of credit. 1g on The speculative mania at the time of the South Sea acquired Bubble was the most disastrous in the century, and it was sperience only by paying in sixpences, and having recourse to other expedients for delaying its payments in cash, that the Bank saved its own credit, and survived in the general crash. There were other occasions when the Bank of England was fairly successful in intervening, either to check the fever of speculation, or to facilitate recovery after the beginnings of disaster. The directors profited to some extent by financial disasters in other lands; the failure in 1720 of Law's great scheme in France® was a useful warning as to the danger of an over-issue of paper-currency, and it seriously interfered with the development of banking and credit in that country. On the other hand, the growth of British commerce in all parts of the world rendered England an increasingly favourable and field for the investment of capital. London was coming to Lik ch rival Amsterdam as the financial centre of the world, and nae the the wisdom of the management of the Bank, during the financial critical year 1763, did much to strengthen its position. The Fag) difficulty originated on the Continent, as the Bank of Amsterdam had refused support to a firm named Neufville, which had connections in many business centres, and there were numerous failures in Hamburg and Germany. The effect of these disasters extended to England ; but the Bank was able to make such advances as to prevent the results from being fatal to many of the mercantile houses here. The successive crises of this century were all due to similar causes, and followed on periods of commercial over- trading. From 1769 onwards there was a very rapid increase ‘nthe exports from the country? and early in the summer A.D. 1689 —1776. 1 Compare the petitions in Parl. Hist. vi. 760. % On the Bubble Act, see p. 816 below. i For an account of this remarkable man see J. S. Nicholson, Money and Monetary Problems, 165. 4 Macleod, op. cit. 1. 502; Adam Smith, Wealth of Nations, 131. 5 Playfair's Commercial and Political Atlas (1801).

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