Twenty years of financial policyA summary of the chief financial measures passed between 1842 and 1861, with a table of budgets . Chapter III. Chap. III. 1847. Meeting ofnew Relaxa Bank CharterAct. HE new Parliament was calledtogether in the autumn of was, as has already been said, atime of great commercial pressureand panic. So severe had been the strain uponthe Money-market that the Government hadtaken upon themselves the responsibility ofauthorizing the Governor and Deputy-Governorof the Bank to transgress the limits laid downof by the Bank Charter Act of 1844, and to
Twenty years of financial policyA summary of the chief financial measures passed between 1842 and 1861, with a table of budgets . Chapter III. Chap. III. 1847. Meeting ofnew Relaxa Bank CharterAct. HE new Parliament was calledtogether in the autumn of was, as has already been said, atime of great commercial pressureand panic. So severe had been the strain uponthe Money-market that the Government hadtaken upon themselves the responsibility ofauthorizing the Governor and Deputy-Governorof the Bank to transgress the limits laid downof by the Bank Charter Act of 1844, and to issuenotes in excess of the stock of bullion and the14,000,000/. of securities which that Act admitsas the basis of the paper currency. The au-thority had not been acted on ; the knowledgethat money might thus be obtained havingproved sufficient to allay the panic. The distresshad, however, been very great; and one of thefirst acts of the new House of Commons was Financial Policy. 99 to appoint a Select Committee to inquire into its Chap. and causes. ,847. Another kind of uneasiness had, at the sametime, taken hold of the public mind. There wasa great dread of a French
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