This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1892. Not illustrated. Excerpt: ... COMMERCIAL CRISES OF THE NINETEENTH CENTURY. CHAPTER I. THE CRISIS OF 1815. The first important crisis of the nineteenth century occurred under quite exceptional circumstances, and although not entirely confined to Great Britain, this county was chiefly affected by it. This crisis of 1815 came immediately upon the conclusion of the peace on the downfall of Napoleon. It was generally believed that immediately after the signature of the treaty of peace at Paris a period of great commercial prosperity would begin, and that England in particular would reap the fruits of her supremacy at sea and of the great development of her internal resources which had taken place during the war. Such exertions had never before been made, nor such expenditure incurred, by any nation. The weight of taxation was crushing during the war, the drain for men and material was unprecedented on so small a population, and so great was the stringency in the precious metals that the Bank of England had suspended specie payments since 1797. In 1756 the funded debt of the United Kingdom was little more than £72,000,000, in 1815 it was £800,000,000. The public expenditure in 1814 was no less than £106,832,260, in 1815 it was £92,000,000, and two years later only £55,000,000. Tens of thousands of men were then set free from the useless services of war to devote themselves to increasing the wealth of the country; the markets of the Continent, long nominally, at least, closed to English goods, were thrown open; and a fine harvest at home helped on, as it was thought, the general improvement due to the beneficial change in foreign affairs. Precisely the contrary, however, of that which was expected took place. Great Britain had been enabled to hold her own during the long w...

This is an OCR edition without illustrations or index. It may have numerous typos or missing text. However, purchasers can download a free scanned copy of the original rare book from GeneralBooksClub.com. You can also preview excerpts from the book there. Purchasers are also entitled to a free trial membership in the General Books Club where they can select from more than a million books without charge. Original Published by: Freethought Pub. in 1890 in 56 pages; Subjects: Law / Labor & Employment; Political Science / Labor & Industrial Relations;