DOCSLIB.ORG

Monetary Policy Regime Changes–Political Economy and Distributional Effects∗

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Monetary Policy Regime Changes–Political Economy and Distributional Effects∗ Pamfili Antipa y Banque de France and Paris School of Economics September 2017 Preliminary Abstract I analyze the policy choice of resuming the gold standard after the French Wars (1793-1815) in the face of an exceptionally high debt burden. The choice was nei- ther inevitable nor based on economic rationale. Rather, it hinged on the identity of public creditors and the geographical distribution of economic hardship and po- litical representation. Resuming the pre-war parity of the pound induced large scale deflation and recession. This outcome was politically feasible because the franchise was limited and political repression was comprehensive. Means and causes of the resumption were political. The paper informs current policy choices between main- taining a fixed exchange rate and restructuring an outstanding debt overhang. Keywords: Monetary policy regime change, distributional effects of monetary policy, po- litical economy of monetary policy, fiscal redistribution. JEL: N43, E42, H23, H60. ∗The views expressed herein are those of the author and do not necessarily reflect those of the Banque de France. All remaining errors are mine. I thank Andrés Álvarez, Vincent Bignon, Jean Cartelier, Christophe Chamley, Rebeca Gomez Betancourt, Pierre-Cyrille Hautcoeur, and Gilles Postel-Vinay for their very helpful comments. ypamfi[email protected] 1 1 Introduction Public expenditures can be financed by levying taxes, emitting debt, issuing money, or any combination of the three. The distribution of political power governs the exact pol- icy mix used to fund outlays by determining the identity of those who pay–taxpayers, public creditors, or both. That is to say, politics rather than economics determine the “who” and the “how” of funding public expenditures (Mill 1865, p.250). The policy mix that can be implemented also hinges on a number of more or less struc- tural characteristics of the polity. The framework for conducting monetary policy–the monetary policy regime–is one of them. Monetary financing of public expenditures is easier under certain monetary regimes. Changes in the monetary regime to facilitate public spending are driven by fiscal and thus political calculus. The link between monetary policy regimes, public finances, and the distribution of polit- ical power crystallized when Britain returned to the gold standard in 1821. During the French Wars (1793-1815), inflation occurred along with the substantial accumulation of public debt. As prominent bankers, merchants, and economists had presaged, resuming the gold standard at the pre-war parity of the pound induced large-scale deflation and recession. The policy choice of returning to the gold standard in the face of an exceptionally high debt burden was not based on economic rationale (Fetter 1965, p.285). It rather hinged on the identity of public creditors and the geographical distribution of economic hardship and political representation. In particular, resumption secured a sought-for return to the pre-war wealth distribution at the admitted price of a less efficient allocation of capital.1 By augmenting the real value of outstanding debt it also meant a fiscal transfer from tax payers to public creditors. Amid post-war depression and deflation, severe social tensions erupted. Social discon- tent manifested in calls against resuming the gold standard and in favor of parliamentary reform–the ultimate lever over taxation. The return to the gold standard at the old par 1Hansard HL Deb 21 May 1819 vol 40 cc 640-641. 2 was seen as part of a fiscal system that extracted high taxes and that used the revenue to finance the military establishment and rentiers living on income from government loans (Daunton 2001, p.18). The calls against resumption and for parliamentary reform were both symptomatic of the same issue: the waning consent with the fiscal constitution. Social upheaval was repressed and franchise reform only occurred in 1832. It consisted in a mostly geographic redistribution of elite voting rights and was granted when the incentives of the to-be-enfranchised had been aligned with those of the traditional public creditors (North et al. 2009, pp.213-5). The newly institutionalized savings banks made sure that the enfranchised gained an interest in the reimbursement of the public debt. This safeguarded the overriding policy objective of the period, the public debt. My narrative is new in several aspects. By analyzing verbatim transcripts of parlia- mentary debates, I find that distributive rather than monetary reasoning governed the decision to resume the gold standard. The monetary policy regime change is, thus, to be understood as a part of a fiscal policy mix that granted a return to the pre-war dis- tribution of wealth. In addition, on the basis of hitherto unexploited data, I reconstruct how the Bank of England generated profits and find that its opposition to the modalities of resumption was bona fide. This adds a new layer to the debate regarding the degree of discretion in the Bank’s monetary conduct and considers the institutional fabric of monetary policy more generally (Flandreau 2007). I also show how coping with the debt overhang from the French Wars eventually influ- enced the extension in the parliamentary franchise, i.e. the reform of the fiscal constitu- tion. As a counterpart to investing in the public debt, the middle classes gained control over taxation, public expenditures and debt. The reformers–the Whigs–shaped the new electoral landscape to their advantage. While in the opposition, they were also able to exploit the disastrous consequences of resuming the gold standard for party advantage (Hilton 1977, p.40). Returning to a fixed exchange rate rather than restructuring the outstanding debt overhang came with high social costs. Eventually, social translated into political costs. These insights are of timeless relevance and politicians in Southern Europe have painfully gained them. 3 It took an extensive analysis of primary sources and hand-collected data to analyze deci- sions made in light of the information available to and the beliefs held by policy makers in real time (Blaug 1990). Verbatim transcripts of parliamentary debates, parliamentary reports containing evidence provided by contemporary experts and specifically prepared and hitherto unexploited data uncovered policy makers’ incentives. The latter shaped policy proposals and it is against intended outcomes that the obtained should be mea- sured. Against this yardstick, resuming the gold standard was a great political success: it granted the return to the pre-war wealth distribution and harmed the governing party. The exact same reasons also implied that resumption meant an economic calamity. The remainder of this article is organized as follows. The next section briefly describes the fiscal tensions that led to the suspension of the gold standard and analyzes the blueprint for resumption, the Bullion Report. Section three depicts the burden left by the French Wars and studies the people, the arguments, and the actions that shaped and accompanied the return to the gold standard. Based on the link between fiscal pressure and social discontent, section four explains the timing of the 1832 franchise extension. The final section concludes. 2 Setting the Stage: the Bullion Report’s Terrible Policy Advice The French Wars, 22 years of almost uninterrupted warfare between 1793 and 1815, exerted extreme political and financial pressures. Britain went into the wars with an already high debt-to-GDP ratio–127 percent, a relic from the American War. Imple- menting the usual tax smoothing approach, the first four years of the wars were debt financed (Antipa and Chamley 2017). This led to a 50 percent increase in outstanding debt. Interest rates on the benchmark instrument of public debt–a three percent per- petual, the consol–increased by 200 basis points. The Treasury borrowed short-term from the Bank of England, whenever unforeseen ex- penditures occurred. With the Bank charter renegotiable at will, the Bank could hardly refuse requests for credit from the Treasury in times of war (Broz and Grossman 2004). 4 During the French Wars, it never did.2 For an average war year, roughly 30 percent of total revenues originated in short-term debt issues. The Bank absorbed roughly two- thirds of these issues.3 The internal fiscal tensions were exacerbated by capital flows from the continent (Neal 1991). In these circumstances, French military actions in February 1797 triggered bank runs with depositors hoping to convert notes into gold coin. In order to continue supply- ing the Treasury with cash, the Bank ceased payment of its notes in gold on the 27th of February 1797.4 Suspension of the gold standard, “indispensably necessary for the public service” created a payment system, in which the Bank and the Treasury controlled the money supply. Beginning in 1809, the paper pound’s exchange rates into gold and foreign currencies– the measures contemporaries used to gauge inflationary tensions–started to experience marked declines. These evolutions prompted government to appoint an investigating committee. The Report from the Select Committee on the High Price of Gold Bullion, the Bullion Report in short, was discussed in Parliament in May 1811.5 According to the Committee, the Bank’s over-issue of notes produced the pound’s devaluation. Over- issue was only possible because the suspension of the gold standard had relieved the Bank of its obligation to exchange its notes against gold on demand. The Committee thus recommended to resume the gold standard over a period of two years, regardless of the continuation of the war. Prices had increased by the time the Bullion Report was drafted; the Bank’s note circu- lation had began to do so right after the suspension in 1797. As can be seen in Figure 1, the aggregate price level had risen by roughly 30% in 1810. The Bank’s note circulation, 2Report from the Secret Committee on the Expediency of the Bank Resuming Cash Payments (1819).
Recommended publications
  • Pedigrees of the County Families of Yorkshire

    Pedigrees of the County Families of Yorkshire

    94i2 . 7401 F81p v.3 1267473 GENEALOGY COLLECTION 3 1833 00727 0389 Digitized by the Internet Archive in 2010 with funding from Allen County Public Library Genealogy Center http://www.archive.org/details/pedigreesofcount03fost PEDIGREES YORKSHIRE FAMILIES. PEDIGREES THE COUNTY FAMILIES YORKSHIRE COMPILED BY JOSEPH FOSTER AND AUTHENTICATED BY THE MEMBERS, OF EACH FAMILY VOL. fL—NORTH AND EAST RIDING LONDON: PRINTED AND PUBLISHED FOR THE COMPILER BY W. WILFRED HEAD, PLOUGH COURT, FETTER LANE, E.G. LIST OF PEDIGREES.—VOL. II. t all type refer to fa Hies introduced into the Pedigrees, i e Pedigree in which the for will be found on refer • to the Boynton Pedigr ALLAN, of Blackwell Hall, and Barton. CHAPMAN, of Whitby Strand. A ppleyard — Boynton Charlton— Belasyse. Atkinson— Tuke, of Thorner. CHAYTOR, of Croft Hall. De Audley—Cayley. CHOLMELEY, of Brandsby Hall, Cholmley, of Boynton. Barker— Mason. Whitby, and Howsham. Barnard—Gee. Cholmley—Strickland-Constable, of Flamborough. Bayley—Sotheron Cholmondeley— Cholmley. Beauchamp— Cayley. CLAPHAM, of Clapham, Beamsley, &c. Eeaumont—Scott. De Clare—Cayley. BECK.WITH, of Clint, Aikton, Stillingfleet, Poppleton, Clifford, see Constable, of Constable-Burton. Aldborough, Thurcroft, &c. Coldwell— Pease, of Hutton. BELASYSE, of Belasvse, Henknowle, Newborough, Worlaby. Colvile, see Mauleverer. and Long Marton. Consett— Preston, of Askham. Bellasis, of Long Marton, see Belasyse. CLIFFORD-CONSTABLE, of Constable-Burton, &c. Le Belward—Cholmeley. CONSTABLE, of Catfoss. Beresford —Peirse, of Bedale, &c. CONSTABLE, of Flamborough, &c. BEST, of Elmswell, and Middleton Quernhow. Constable—Cholmley, Strickland. Best—Norcliffe, Coore, of Scruton, see Gale. Beste— Best. Copsie—Favell, Scott. BETHELL, of Rise. Cromwell—Worsley. Bingham—Belasyse.
  • A Biographical Dictionary of Nineteenth Century Antique and Curiosity Dealers

    A Biographical Dictionary of Nineteenth Century Antique and Curiosity Dealers

    This is a repository copy of A Biographical Dictionary of Nineteenth Century Antique and Curiosity Dealers. White Rose Research Online URL for this paper: http://eprints.whiterose.ac.uk/42902/ Book: Westgarth, MW (2009) A Biographical Dictionary of Nineteenth Century Antique and Curiosity Dealers. Regional Furniture, XXIII . Regional Furniture Society , Glasgow . Reuse Unless indicated otherwise, fulltext items are protected by copyright with all rights reserved. The copyright exception in section 29 of the Copyright, Designs and Patents Act 1988 allows the making of a single copy solely for the purpose of non-commercial research or private study within the limits of fair dealing. The publisher or other rights-holder may allow further reproduction and re-use of this version - refer to the White Rose Research Online record for this item. Where records identify the publisher as the copyright holder, users can verify any specific terms of use on the publisher’s website. Takedown If you consider content in White Rose Research Online to be in breach of UK law, please notify us by emailing [email protected] including the URL of the record and the reason for the withdrawal request. [email protected] https://eprints.whiterose.ac.uk/ promoting access to White Rose research papers Universities of Leeds, Sheffield and York http://eprints.whiterose.ac.uk/ White Rose Research Online URL for this paper: http://eprints.whiterose.ac.uk/42902/ Published book: Westgarth, MW (2009) A Biographical Dictionary of Nineteenth Century Antique and Curiosity Dealers. Regional Furniture, XXIII . Regional Furniture Society White Rose Research Online [email protected] 148132:97095_book 6/4/10 10:11 Page cov1 REGIONAL FURNITURE 2009 148132:97095_book 6/4/10 10:11 Page cov2 THE REGIONAL FURNITURE SOCIETY FOUNDED 1984 Victor Chinnery President Michael Legg Vice President COUNCIL David Dewing Chairman Alison Lee Hon.
  • M.I.S from St Peter & St Paul Church, Bromley, Kent†311KB

    M.I.S from St Peter & St Paul Church, Bromley, Kent†311KB

    KENT ARCHAEOLOGICAL SOCIETY -- RESEARCH Studying and sharing Kent's past Homepage Bromley, Kent with Index of names and places at end These webpages are designed to be viewed with the screen resolution set at 800 x 600 and text size at normal. HOW TO Back to Churchyards listed Some Monumental Inscriptions of St Peter & St Paul Church, Noted by Richard Holworthy Published in The British Archivists Vol 1 Sept 1914 to June 1915. Kindly typed up for the website by Pat Tritton Preface. In the "Gentleman’s Magazine" for 1829, Part II, page 201, there appears a long letter, signed "Viator Antiquarius", relating to the restoration of Bromley Church. It reads: "Passing through the town of Bromley in Kent the other day, I found the old church there nearly pulled down, nothing remaining but the well-built Gothic tower and portions of the side walls. The gates of the churchyard were fortified with a palisade, so that it was impossible for an antiquary to enter and satisfy himself what might be the probable result to ancient vestiges in the Church of such desecration and destructive appearances …"/. This same "desecration" – usually called "restoration" – has been the fate of most churches, but many have suffered to a far greater extent than that of Bromley. Certainly, several interesting monuments in the church have disappeared, but the majority were replaced. One very important brass was discovered embedded in the masonry and preserved, though not placed on the wall until 1884, i.e. 55 years after its discovery. This small brass, which is dated 1361, is to the memory of Isabella, wife of Richard LACER, a wealthy merchant and mayor of London.
  • History of the Church Missionary Society", by E

    History of the Church Missionary Society", by E

    Durham E-Theses The voluntary principle in education: the contribution to English education made by the Clapham sect and its allies and the continuance of evangelical endeavour by Lord Shaftesbury Wright, W. H. How to cite: Wright, W. H. (1964) The voluntary principle in education: the contribution to English education made by the Clapham sect and its allies and the continuance of evangelical endeavour by Lord Shaftesbury, Durham theses, Durham University. Available at Durham E-Theses Online: http://etheses.dur.ac.uk/9922/ Use policy The full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that: • a full bibliographic reference is made to the original source • a link is made to the metadata record in Durham E-Theses • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders. Please consult the full Durham E-Theses policy for further details. Academic Support Oce, Durham University, University Oce, Old Elvet, Durham DH1 3HP e-mail: [email protected] Tel: +44 0191 334 6107 http://etheses.dur.ac.uk 2 THE VOLUNTARY PRINCIPLE IN EDUCATION: THE CONTRIBUTION TO ENGLISH EDUCATION MADE BY THE CLAPHAil SECT AND ITS ALLIES AM) THE CONTINUAi^^CE OP EVANGELICAL EI-JDEAVOUR BY LORD SHAFTESBURY. A thesis for the degree of MoEd., by H. T7right, B.A. Table of Contents Chapter 1 The Evangelical Revival
  • CHARLES CORBOULD, Esq., of Orillia

    CHARLES CORBOULD, Esq., of Orillia

    CHARLESCORBOULD, EsQ., of Orillia. 1799-1893. Page 118 SECTION XVII. CORBOULD ORILLIA, CANADA. LIEUT. CHARLESCORBOULD, R.N. (retd.), of " Bracon," Orillia, Canada, 3rd son of the Rev. John Corbould (Section XIII), b. at Bracon Ash, Norfolk, 2 May 1799, bapt. at St. Giles's Church, Norwich, 8 May 1799. One of his earliest recollections was of Lord Nelson dining with his father at Bracon Ash Rectory prior to the great admiral's departure on the voyage that culminated in the battle of Trafalgar. At the age of thirteen he joined the Royal Navy as a midshipman in the battle- ship H.M.S. Elizabeth, commanded by Post Captain Gower, and sailed to the Mediterranean to join the fleet then blockading Toulon. He subsequently served at the siege of Algiers and the blockading of Venice. He met the Duke of Welling- ton, and at Elba was spoken to by the Emperor Napoleon I. At the close of the war, Lieut. Corbould retired from the Navy and matriculated at Emmanuel College, Cambridge, in 1823, later qualifying as an attorney and solicitor. He practised as an attorney at 8, Gray's Inn Square, London, from 18 29 to I 8 3 7. He also qualified for the Canadian Bar. When he retired from practice in England he settled at York Mills, Canada, and there engaged in extensive farming and milling projects. On the outbreak of the Mackenzie rebellion, Mr. Corbould took an active part in the defence of Toronto, and was stationed at the Bank of Upper Canada until the trouble ended. Some years later he moved from York Mills to Orillia, where he died on 11 Dec.
  • A Note on Directories

    A Note on Directories

    57 A NOTE ON DIRECTORIES Whilst most of the trade directories consulted for the dealer dictionary were standard list formats, some nineteenth century directories were more ambitious projects. John Tallis’ London Street Views, for example, published in parts between 1838 and 1847, was an innovative publication that included lithograph illustrations of architectural elevations of the shops in a number of streets and locations in London. Traders in Tallis’ directory, which was aimed at the top end of the market, could pay to have their names advertised above their pictured shop fronts. The illustrations in this dictionary contain a group of antique and curiosity shops illustrated in John Tallis’ London Street Views - (see figure 12 ; Miss Clarke, Regent Street, figure 13 ; Isaacs, Regent Street). Directories, like any historical source material, are anchored in their own social and cultural contexts and it is important to take care to acknowledge the nature and purpose of the source material in any historical investigation. Indeed, it is well-known that trade directories, particularly in the period up to the 1850s, were notorious for their inaccuracies and inconsistencies, as historians such as Jane E. Norton and P. J. Atkins have already explained.5 Aspects such as the method of compilation of directories had a significant impact of the completeness and consistency of the information presented and given the sheer amount of time it could potentially take to compile a large directory, it is clear that some of the information would already be out of date by the time the directory was published. Even aspects such as the weather could have an impact on the comprehensiveness and accuracy of information in directories - for example, heavy snow was known to restrict the survey activity in some areas.6 Directory publishers were also not averse to plagiarism, often reprinting whole sections of earlier directories and merely adjusting the date of publication.

  • Lincoln's Inn Fields and the Localities Adjacent

    mcoQvsjif^ %# Sdf #*• %* : 4# «v# OT?2^ ^/r THE LIBRARY OF THE UNIVERSITY OF CALIFORNIA LOS ANGELES r LINCOLN'S INN FIELDS AND ENVIRONS gl'jaiaka'iaaaioiHHtl LINCOLN'S INN HALL (NEW). : LINCOLN'S INN FIELDS THE LOCALITIES ADJACENT: THEIR HISTORICAL AND TOPOGRAPHICAL ASSOCIATIONS. CHARLES WILLIAM HECKETHORN, Al THOR OF * SrCHET SOCIETIES,' ' KOIIA D'iTALIA,' FTC. WITH ILLUSTRJTIOKS BT ALFRED BE.-H'ER AND OTHER JRTISTS. LONDON ELLIOr STOCK, 62, PATERNOSri-R ROW, E.C. 1896. — ^7 W^5 CHIEF AUTHORITIES CONSULTED. {T/'ose marked ' are in the Author's library.) *Allen, Thos. — 'History and Antiquities of London.' Illustrated. 5 vols., 1839, 8vo. Archer, John Wvkeham. —'Vestiges of Old London.' London, 1851, fol. '' Atl^eiireum. London. From commencement to present date, 1 830-1 893, /<?///>/, 410. •Bl.-^nch, W. H.—'Ye Parish of Camcrwcll.' Plates. London, 1877, 8vo. *Bi.oTT, W. —'A Chronicle of Blemundsbury.' London, 1S92, 410. •Bohn's 'Pictorial Handbook of London.' 1854, 8vo. "Braylev, Brewer and Nichtincale.—'A Topographical and Historical Description of London and Middlesex.'— Plates. 5 vols. London, 1815. 'Brayley, E. a. ' Londiniana.' Plates. 4 vols. London, 8vo. Bug, Sir George. — 'The Third Universitie of England.' London, 161 y 'Builder. London.— From commencement to present date. Passim. Clinch, George. ' Bloomsbury and St. Giles.' London, 1890. 'Cunningham, Peter. — 'Handbook of London.' London, 1850. Delaune, Thos. — 'The Present State of London.' London, 1681, Izmo. — Parish of St. Danes.' 2 vols. 1868 and 'DiPROSE, J. 'Some Account of the Clement 1876, small 4to. •DoBiE, R. 'History of the United Parishes of St. Gilcs-in-the-Fields and St. George, Blooms- bury.' London, 1829, Svo.

  • British Aristocratic Women and Their Role in Politics, 1760-1860

    Portland State University PDXScholar Dissertations and Theses Dissertations and Theses 11-1-1994 British Aristocratic Women and Their Role in Politics, 1760-1860 Nancy Ann Henderson Portland State University Follow this and additional works at: https://pdxscholar.library.pdx.edu/open_access_etds Part of the History Commons Let us know how access to this document benefits ou.y Recommended Citation Henderson, Nancy Ann, "British Aristocratic Women and Their Role in Politics, 1760-1860" (1994). Dissertations and Theses. Paper 4799. https://doi.org/10.15760/etd.6682 This Thesis is brought to you for free and open access. It has been accepted for inclusion in Dissertations and Theses by an authorized administrator of PDXScholar. Please contact us if we can make this document more accessible: [email protected]. THESIS APPROVAL The abstract and thesis of Nancy Ann Henderson for the Master of Arts in History were presented November 1, 1994, and accepted by the thesis committee and the department. COMMITTEE APPROVALS: Ann/~ikel, Chair David Joe_,~on susan Karant- unn .. r Christine Thompson Representative of the Office of Graduate Studies DEPARTMENT APPROVAL: David John,s6nJ Chair Departmen~ off History ******************************************************** ACCEPTED FOR PORTLAND STATE UNIVERSITY BY THE LIBRARY b on/Z..&&e~42¢.- /9'9<f ABSTRACT An abstract of the thesis of Nancy Ann Henderson for the Master of Arts in History presented November, 1, 1994. Title: British Aristocratic Women and Their Role in Politics, 1760-1860. British aristocratic women exerted political influence and power during the century beginning with the accession of George III. They expressed their political power through the four roles of social patron, patronage distributor, political advisor, and political patron/electioneer.
  • The Families of French of Belturbet and Nixon of Fermanagh, and Their

    The Families of French of Belturbet and Nixon of Fermanagh, and Their

    UC 929.2 F8871S 1127710 GENEALOGY COLLECTION \j ALLEN COUNTY PUBLIC LIBRARY 3 1833 01239 9322 HUMPHREY FRENCH. "TuK CJouu LuKU Mavuk." 1733-6. See 9-1 J. Lur.l Miiyur of J )ublin, 1732-3, M.P. for Dublin, pp. FroiitUpkrr—Froiii a Mczs.utiiil in pos>:c>i>'io/i <;/' tin lt( r. II. li. Siruirj/. THE FAMILIES French of Belturbet Nixon of Fermanagh -,^Cr ^N^ THEIR DESCENDANTS The Rev. HENRY BIDDALL SWANZY, M.A. iPRINTED FOR PRIVATE CIRCULATION.^ 1908. DUBLIN : PRIMTED BY ALEX. THOM & CO. LIMITED. PREFATORY NOTE. iiST'T'jf.O An attempt has been made in the following pages to put on record what can be discovered concerning the descendants of two Irish families which became allied in 1737 by the marriage of the Rev. Andrew Nixon with Mariaime French. The various families detailed on pp. 83-127, are descended from that marriage. The PubHc Record Office contains evidence of the existence of many other persons of the names of French and Nixon, who, from the localities in which they lived, were very probably of the same stock, but as no proof of their relationship has been forthcoming, as a rule they have not been mentioned in the book. It has been found necessary to condense the work as much as possible, and to leave out some biographical details which might have been inserted. I have tried in most instances to give chiefly those which come from unfamiliar sources. The evidence for the earlier generations in the 17th and 18th centuries is in almost every case clear and complete.
  • Reasons for the Establishing, and Further Encouragement of St. Luke's Hospital, for Lunaticks

    Reasons for the Establishing, and Further Encouragement of St. Luke's Hospital, for Lunaticks

    A LIST OF THE G Ox V ERNORS O F St. Luke’s-Hofplwl. >797- REASONS FOR THE Eftablilhing, and further Encouragement O F St. L U K E’s HOSPITAL, FOR LUN ATICKS; TOGETHER WITH THE RULES and ORDERS For the GOVERNM ENT thereof. LONDON: Printed by J. MARCH and SON, on ToWER-HliX* M,DCC,XCVIL 3 R E A SONS FOR ESTA BLISHING St. LUKE’s HOSPITAL FOR LUNATIC KS» E Ufefulnefs and Neceflity of Hbfpitals in general being at prefent fo well underftood in THthis Kingdom, it will be needlefs to offer any Conflderations on thofe Heads. But it may not be im- proper to lay before the Publick, the particular Reafons and Inducements for the letting on Foot a new Defign of this Sort, for the Relief of poor Lunaticks. I. Experience had long fhewn, that the Hofpital of Bethlem was incapable of receiving and providing for the Relief of all the unhappy Obje&s of this Sort, who made Application for it ; this Truth can be at- tefted by every Governor of that Houfe. and by every Perfon to whole Lot it has fallen, to folicit the Admiffion of a Patient into it. 11. That the Expence and Difficulty attending the Admiffion of a Patient into the Hofpital of Betblem y had difeouraged many Applications for the Benefit of that Charity, particularly on behalf of the more neceffitous Objeds, and of fuch who refided in the remote Parts of the Kingdom. 111. That by this unavoidable Exclufion, or Delay in the Admiffion of Objeds of this Sort, many ufeful Members have been 101 l to Society, either by the Dif- order gaining Strength beyond the Reach of Ph\fick» or by the Patients falling into the Hands of Perfons utterly unfkilled in the Treatment of the Diforder, or who have found their Advantage in negleding every Method neceflary to obtain a Cure.
  • GIPE-012840-Contents.Pdf

    GIPE-012840-Contents.Pdf

    THE BANK OF ENGLAND, A History Volume I. 1694-1797. Volume II. 1797-1914 HESE two volumes have' Jt: .JT.1tten Tat the request of the authorities of the Bank of England for its 250th birthday. All its surviving books and papers were thrown open to Sir John Clapham, and he has had full supporting help from the whole staff. The book was, however, allowed to be wholly its author's child; choice of material and expression of opinion were purposely left entirely to his discretion. The History as it is written here ends with the beginning of the first World War. Al­ though the history during the years 1914-1918 might have been written now, that history, says the author, could only be a preface to the story of the years between the wars, a story that cannot yet be written in its entirety; and it seemed better to defer any full discussion until the whole period could be dealt with. An Epilogue, The Bank as it is, rounds off the book for the time being. The design stamped upon the binding of these volumes is taken from one of the old stamps and appears on a Bank Stock Transfer book of 1694, the year of the Bank's foundation. It represents 1 Britannia sitting on a bank of money.' The two volumes 42s. net THE BANK OF ENGLAND A HISTORY IN TWO VOLUMES VOLUME I CAMBRIDGE UNIVERSITY PRESS LONDON: BENTLEY HOUSE NEW YORK TORONTO BOMBAY CALCUTTA MADRAS: MACMILLAN Copyrighted~ the United States of America by The Macmillan Company All rights resfflltd WILLIAM LOWNDES Secretary lo the Treasury 1695-1724 THE BANK OF ENGLAND eA.
  • The Wooden World Turned Upside Down: Naval Mutinies

    The Wooden World Turned Upside Down: Naval Mutinies

    THE WOODEN WORLD TURNED UPSIDE DOWN: NAVAL MUTINIES IN THE AGE OF ATLANTIC REVOLUTION by Niklas Frykman B.A., University of Sussex, 2001 M.A., University of Sussex, 2003 Submitted to the Graduate Faculty of School of Arts and Sciences in partial fulfillment of the requirements for the degree of Doctor of Philosophy University of Pittsburgh 2010 UNIVERSITY OF PITTSBURGH SCHOOL OF ARTS AND SCIENCES This dissertation was presented by Niklas Frykman It was defended on July 8, 2010 and approved by Seymour Drescher, Professor, Department of History Van Beck Hall, Associate Professor, Department of History John Markoff, Professor, Department of Sociology Dissertation Advisor: Marcus Rediker, Professor, Department of History ii Copyright © by Niklas Frykman 2010 iii THE WOODEN WORLD TURNED UPSIDE DOWN: NAVAL MUTINIES IN THE AGE OF ATLANTIC REVOLUTION Niklas Frykman, PhD University of Pittsburgh, 2010 Mutinies tore like wildfire through the wooden warships of the revolutionary era. While sans- culottes across Europe laid siege to the nobility and slaves put the torch to plantation islands overseas, out on the oceans naval seamen by the tens of thousands turned their guns on the quarterdeck, formed committees, elected delegates, and overthrew the absolute rule of captains. Never before or since have there been as many mutinies on both sides of the front, as well as among many of the neutral powers, as during the French Revolutionary Wars. This dissertation, based on research in British, Danish, Dutch, French, Swedish, and US archives, traces the development of the mutinous Atlantic from the outbreak of the French Revolution in 1789 to its crescendo in 1797.