People's Pilot, Volume 5, Number 41, Rensselaer, Jasper County, 16 April 1896 — Sir Archibald Allison in History of Europe, Says: [ARTICLE]

Sir Archibald Allison in History of Europe, Says:

“The suspension of specie payments by the bank of England in 1797 led to the use of an enormous amount of irredeemable paper money. “The result is magical. “It terminated in a blaze of glory and a flood of prosperity which has never before, since the beginning of the world, descended upon any nation. “Prosperity, universal and unheardof, pervaded every department of the empire. “Agriculture, manufactures and commerce increased in unparalled ratio. "The landed proprietors were in affluence. “Wealth to an unheardof extent was created among the farmers. “Our exports, imports and tonnage nearly doubled, and the condition of the people was one of extraordinary prosperity. “From 1797 to 1819 no financial embarrassments of any moment were experienced and in vain Napoleon waited for the stoppage of England’s financial resources. “But the resumption of specie payments in 1819—the change of the financial system from legal tender paper to metal money—was ruinous to all the industries of England. The distress became insufferable, and in Manchester sixty thousand men, women and children assembled, demanding blood or bread; and many were killed and many were wounded by British troops.” .