The Continental Monthly, Vol. 4, No. 4, October, 1863: Devoted to Literature and National PolicyVarious
History
The Continental Monthly, Vol. 4, No. 4, October, 1863: Devoted to Literature and National Policy
Various
Literature, Modern -- 19th century -- Periodicals; United States -- Politics and government -- 19th century -- Periodicals
The facts and statistics from the year 1844 to 1860 relating to the bank
are superadded to the English work by the American editor. Of the
important phases of this period the editor gives a slight sketch in the
following paragraphs. The prominent financial movements in England,
France, and the United States are given in the subsequent pages of the
volume.
'The sixteen years which followed the last charter of the bank have
been pregnant with important events of a financial character; the
most important, perhaps, during the whole history of the
institution. The bank has twice, during this short period, been on
the brink of suspension, and was relieved only by the interference
of Government. The second instance occurred after new gold, to the
extent of one hundred millions sterling, or more, had been poured
into Western Europe from California and Australia. The Bank of
France had, during the same period, suspended specie payment. Two
financial revulsions have occurred in the United States, when, with
few exceptions, the banks of the whole country suspended specie
payments. The production of gold and silver throughout the world,
which, up to 1844, was annually about ten or twelve millions
sterling, had recently advanced from twenty-five to thirty millions
sterling per annum, thus stimulating industry and production
largely throughout Europe and America. Sir Robert Peel, the author
of the new charter of the bank, has left the world's stage, after
witnessing the failure of the charter to fully accomplish the end
promised; Europe and America, Asia and Europe, have been knit
together by a wire cord, and capital is now subscribed to
'Put a girdle round about the earth,'
Public-domain text, read in full here on John Shaqi.
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