The Story of the Bank of England a History of English Banking And a Sketch of
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In 1861 the United States was convulsed by civil war, which 189 caused a cessation of production there on a large scale, and produced a cotton famine in this country. Lancashire, the centre of the industry, could not obtain fresh supplies of the raw material when the ports of the Southern States were blockaded, and early in January, 1863, hundreds of thousands of operatives were out of employment. Specula- tion instantly received a check, and the energies of the country were concentrated upon r...aising huge sums for the alleviation of the distress in Lancashire — for 500, 000 unemployed workers might at any moment, should their attitude become menacing, prove a danger to the State.
From 1863 to 1865 the Bank of England was undoubtedly face to face with a serious situation, and, for the first time in its history, its directors grasped the simple fact that only by maintaining a good reserve can the country be saved from panics and crises. The year 1863 was one of high Bank rates, and during the autumn of 1864 pressure upon the Bank's resources became so severe that a crisis was narrowly averted.
What to read after The Story of the Bank of England a History of English Banking And a Sketch of?
You can find similar books in the "Read Also" column, or choose other free books by Henry Warren to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In 1861 the United States was convulsed by civil war, which 189 caused a cessation of production there on a large scale, and produced a cotton famine in this country. Lancashire, the centre of the industry, could not obtain fresh supplies of the raw material when the ports of the Southern States were blockaded, and early in January, 1863, hundreds of thousands of operatives were out of employment. Specula- tion instantly received a check, and the energies of the country were concentrated upon r...aising huge sums for the alleviation of the distress in Lancashire — for 500, 000 unemployed workers might at any moment, should their attitude become menacing, prove a danger to the State.
From 1863 to 1865 the Bank of England was undoubtedly face to face with a serious situation, and, for the first time in its history, its directors grasped the simple fact that only by maintaining a good reserve can the country be saved from panics and crises. The year 1863 was one of high Bank rates, and during the autumn of 1864 pressure upon the Bank's resources became so severe that a crisis was narrowly averted.
What to read after The Story of the Bank of England a History of English Banking And a Sketch of?
You can find similar books in the "Read Also" column, or choose other free books by Henry Warren to read onlineMoreLess
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