The Annual Register 1914: A Review of Public Events at Home and Abroad for the Year 1914Anonymous
History
The Annual Register 1914: A Review of Public Events at Home and Abroad for the Year 1914
Anonymous
History, Modern; History, Modern -- Periodicals; World War, 1914-1918
The first day of war was marked in the Commons by the announcements of
the resignations of Ministers (p. 173), of the violation of Belgian
neutrality, and of an impending Vote of Credit--which was loudly
cheered--for 100,000,000_l._; and then two war measures were passed
almost without debate. The first amended the procedure in Prize Courts
in accordance with the findings of a recent Departmental Committee, the
second empowered the Crown, in time of war or national emergency, to
impose restrictions on aliens, especially with a view to the removal
or detention of spies. Next, on the adjournment, the Chancellor of the
Exchequer made his statement on the financial position. The emergency,
he said, was due to temporary causes, largely to the stoppage of
remittances from abroad to enable the discount market to meet its
liabilities; there was no failure of credit. After conferences at the
Treasury it had been decided not to suspend special payments, but to
take steps to suspend the Bank Charter Act, in order to economise the
supply of gold. After strongly condemning the hoarding of gold as
helpful to the enemy, he stated that on August 7 Government notes for
1_l._ and 10_s._ would be issued, convertible into gold at the Bank
of England, postal orders would also be legal tender, and similarly
convertible, and would be issued free of charge. The Bank rate would be
reduced to 6 per cent., and the moratorium extended for a month. Bills
and cheques would be dealt with as usual, subject to the discretion
of the bankers in preventing an abnormal withdrawal of gold. This
satisfactory account of the position was fully endorsed by Mr. A.
Chamberlain.
Late that evening a White Paper was officially published (Cd. 1467)
containing correspondence respecting the European Crisis. It embodied
nearly 160 documents, and could not be rapidly grasped; but it
eventually enabled the British people to form their own opinion as
to the responsibility for the war. Later it was republished, with
additions, in pamphlet form at the price of a penny, and German and
French translations were circulated abroad.[2]
Public-domain text, read in full here on John Shaqi.
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