The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-09-14
THE HISTORY or CONTRACTION IN
ENGLAND.
It's Terrible Resu.ts-lNheat we May Expecl
Before 1879.

Now example Is o far more potent
teacher than any sum oil reasoning, and /
propose to supply an example. In 1897
The bank of England, as Il consequence
OF certain alarms OF war, suspended
specie payments, and va, followed in
this by all the minor banks OF the king
dom, and remained in suspension until
Nav, 1921. Immediately upon the close
OF the French wars agitation began for 4
resumption ofspecie payments. In 1919
Parliament passed an act requiring the
bank OF England to pay its notes on lie
mand in standard gold coin after per-
iod OF four years: that is to say, alter
Nav, 1925 Against tho oppressive
and destructive policy OF this enactment
the officers OF the bank, the merchants
of London and other cities. and large
hunters OF manufacturers throughout
the kingdom, most earnestly protested.
They said it mast inevitably result in
extensive disasters TO all tho industrial
| aud commercial interests oil the state !
and they loaetold. clearly and distinctly,
all the great evils that subsequently
marked It's operation. the very counter
parts II which are affecting the Ameri-
can people in every county in the Re-
| public 1T this day, But the bondhoiders
The spectators and the political econo-
nsts, We're too strong Tor the productive
| classes, aad the resumption was deereed.
The act was passed BY a unanimous
| House ct Commons. aud An almost
equally unanimous House oi Lords in
the former amidst great tunult and ey-
| element, aud the glory and triumph OF
the rrsumptionists Were bouadless. AZ
the time Of the passage OF the act. the
premium on coin was but five per cent
ard Ie resumptiopls.s deciared that the
whole business OF restoring the coavert.
iuslily 81 bank notes consisted in raising
their value bu. i've per cent, and they
poured unsparing ridiouie upon MI who
doubted the iutallibigiiy OF their jadg'
nent.
..lsus what was he actual conseqaenc.
Is o. the acsa Let Us take the testimony
oil Witnesses Of admitted competency
The apparent prosperity Of tho country
wrote Robert Mushet (said hy Genera
Garfield in . speech delivered IN Tia
| House ot Representatives ia lo6s, 10 b.
, one oi the abiest Of English writers OF
finances, IS be was 'seemed2 10 vauisl
with the slrst measures o. the bank o
England to effect resumption (bank o
: England Issues, by E..Mnshet, p. 81
! and he proceed. TO show how ccntrac
! ton o. 80 per cen. took place before tn
. work was done. and now enormously !
affected all the manufacturing and com
merelaI interests of the kingdom. 'Th
= effects Of this extraordinary piece Q
legislation says Sir Archibald Alison
) l.were soon apparent. The industry Q
/ the nation was speedily concealed As
/ | flowing stream is by the severity of
| Arctic winter The effes
LOT contraction were soon apparent an
rendered The next three years perio
III csasiess distress anu suffering in tn
e British Islands.' (Aiiscr's History I
$ Europe, "a series. vol. ii. chap. =
+ lSad Lord Landsdowne (as quoted b
/ SIR A. Alison). Wages fell 10 ali Ii
great stations of the cotton nanufacfuf
: ons-hall in ! period Of six months att
the resumption act was passed: and DC
! lore resumption WAS effected. says s
Archibald Alison lhistogy OF Europe.
= series. voi. ii. -. tho fall hxd extende
e to wages in all the operations Of agr
J. cniture and manufacture great run