This historic book may have numerous typos and missing text.
Purchasers can usually download a free scanned copy of the original
book (without typos) from the publisher. Not indexed. Not
illustrated. 1892 edition. Excerpt: ... COMMERCIAL CRISES OF THE
NINETEENTH CENTURY. CHAPTER I. THE CRISIS OF 1815. The first
important crisis of the nineteenth century occurred under quite
exceptional circumstances, and although not entirely confined to
Great Britain, this county was chiefly affected by it. This crisis
of 1815 came immediately upon the conclusion of the peace on the
downfall of Napoleon. It was generally believed that immediately
after the signature of the treaty of peace at Paris a period of
great commercial prosperity would begin, and that England in
particular would reap the fruits of her supremacy at sea and of the
great development of her internal resources which had taken place
during the war. Such exertions had never before been made, nor such
expenditure incurred, by any nation. The weight of taxation was
crushing during the war, the drain for men and material was
unprecedented on so small a population, and so great was the
stringency in the precious metals that the Bank of England had
suspended specie payments since 1797. In 1756 the funded debt of
the United Kingdom was little more than 72,000,000, in 1815 it was
800,000,000. The public expenditure in 1814 was no less than
106,832,260, in 1815 it was 92,000,000, and two years later only
55,000,000. Tens of thousands of men were then set free from the
useless services of war to devote themselves to increasing the
wealth of the country; the markets of the Continent, long
nominally, at least, closed to English goods, were thrown open; and
a fine harvest at home helped on, as it was thought, the general
improvement due to the beneficial change in foreign affairs.
Precisely the contrary, however, of that which was expected took
place. Great Britain had been enabled to hold...
|Country of origin:
Henry Mayers Hyndman
||246 x 189 x 3mm (L x W x T)
||Paperback - Trade
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