Thoughts and Details on the High and Low Prices of the Last Thirty Years Volume 1 (Paperback)

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. 1823 edition. Excerpt: ...fate, and from them the evil spread to merchants, manufacturers, traders, and, in short, to the very servants and dependants of these, numbers of whom are thrown out of em ployment, and their families deprived of bread. Speculations in Spanish wool, an article which has fallen about fifty per cent. are considered as the origin of those unlooked-for disasters. Five Manchester houses have stopped payment in the city, and, we are sorry to add, have involved numerous industrious persons, both in town and country, in their ruin. The demands upon the five houses are said to amount to two millions; but it is supposed that their real property will ultimately cover all deficiencies. Speculative exports to South America are the rock upon which these houses have split. In consequence of these unexpected events, public credit is at the present moment as low as ever it has been in the memory of man; the fluctuation of price in the money market is unprecedented, and the depression so considerable, that omnium is fallen to two and a halt per cent. discount. We understand that some respectable merchants have waited u on the Bank if directors in order to solicit their aid towards the alleviation ' of the burthens with which our internal commerce is at pre-/ z E sent borne down. The result of this application is not as yet: = t: publicly known; we trust it will prove favourable. The re-7 mg ab newal of our intercourse with the United States of America %a has in some sort benefited the manufacturing interests; but this felicitous effect is almost swallowed up in the vortex of those calamities, which it has been our painful duty to record. Holland.--All trade between Great Britain and this devoted country is...