The Adventures of a 1000 Note Or Railway Ruin Reviewed
The Adventures of a 1000 Note Or Railway Ruin Reviewed
Phipps, Edmund, 1808-1857
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Two millions had now been expended on Ireland, and a loan began to be talked of. The week before it was announced, consols were 91^ ; the week after they were 89|, continuing to decline to 87|. By August (calls still going on) they had recovered to 89, but failures to the extent of three millions occurring in three weeks, they declined to 86f, recovered to 87^, till again influenced by still more failures, simultaneously with the announcement of the French loan for ^6. 15, 000, 000, they tumble...d in one week from 84^ to 80^. They have again touched 87 with the dividend. If railway calls are the only or even the principal cause of the crisis, why these violent ups and downs, and final im- provement in the face of a continuing, and, according to some, an accumula- ting cause of disturbance ? 22 " Not only the least to blame, " he replied, " but that they have conferred such benefits as far outweigh any derangement they may have caused. What were the great evils under which we laboured before their time, according to all the political economists ?
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