One of the most significant factors in the economic and political life of Britain in the last century was the recurrence almost every ten years of acute periods of financial crisis and commercial panic. The serious slumps of 1847 and 1857 led to the inquiries published here. Following on the obviously controversial Bank Acts of 1844 and 1845 the Secret Committees of 1847-48 were bitterly divided in their views and fought over almost every clause of their reports. The Select Committee of 1857-58 covered three important economic factors: the unprecedented extension of foreign trade in the prior decade, the greater scale of importation of gold and silver and the streamlining of the whole banking system in the use and distribution of capital. The whole functioning of the banking system and the state of world trade at the time are carefully documented in lengthy appendices and in submitted evidence from representatives of collapsed regional banks and the Bank of England.
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