In 1839 that Gentleman, availing himself of the great alarm created by the Monetary Crisis which had very recently occurred, pointed out the effect of the Corn-law in connection with that crisis.
They would therefore have a Monetary Crisis, by reason of the exportation of bullion, according to the system of the right hon. Baronet at the head of the Government, more severe than had ever been known in this country.
He wished to be informed if the afterthought of his right hon. Friend, to which he had been driven by the Present Monetary Crisis, that the expenditure for the construction of railways should form part of the loan which had specially been devoted to the relief of Irish distress, extended itself also to the fever boards, the cost of which would be enormous, now that pestilence was increasing so much throughout the country.
The hon. Gentleman read, in the midst of the expressed impatience of the House, a series of figures tending to show that the Bank of England had not issued more notes than it was authorized; and contended that it was, consequently, not to blame for the Monetary Crisis which had occurred.
so spent, as was stated to us on the first evening of the Session, no more could it be brought in to account for the Monetary Crisis than if you were to assign as such cause the sums total of the butchers' and bakers' bills throughout the country.
It had been said that the immediate authors of that Act claimed for it a much higher power—that it would render a Monetary Crisis impossible.
By the periods named you will perceive that the great drop 174 in the price of sugar took place simultaneously with the admission of slave-grown sugar, and previous to the Monetary Crisis.
A Committee had recently been appointed to make inquiry into the causes of the Monetary Crisis.
Mr. Higgins was asked by Mr. Milner Gibson— "Perhaps some part of it (the reduction in price) is to be attributed to the Monetary Crisis"?
by the name of a pound; but there will remain the same danger of excessive issue, the same risk of a Monetary Crisis, the same demand for timely precautions, the same necessity for contraction and for severe pressure, if those timely precautions be neglected.
At that period we were suffering under the ravages and the fears of a dreadful distemper, with trade not yet recovered from the shock of the Monetary Crisis, and the working classes still only partially employed.
It commenced in the United States, and no man doubted that the Monetary Crisis there had been fomented by the vicious system which prevailed there with regard to banking, currency, and credit.
What was the state of things when the Monetary Crisis first occurred?
He must complain, however, that both in Her Majesty's Speech and in the correspondence with the Bank unjust imputations had been thrown upon the banking and commercial classes of this country with reference to the causes which had produced the Monetary Crisis.
It was so in 1847, and for three or four years after; and were the same state of things to occur again in Ireland, the same results would again follow in England—namely, increased taxation, a Monetary Crisis, failures, bankruptcies, and universal depression, Having thus barely indicated the interest which England cannot avoid feeling in whatever greatly concerns the welfare and happiness of the people of Ireland, I think I may now proceed to show that the measure which I this day advocate is one that most intimately concerns the people of that country, There is no one proposition which commands more universal assent than this—that upon the condition of a people depends the greatness, strength, and stability of a country; and in no instance does this principle more clearly apply than in the case of Ireland.
and at that time there arose a Monetary Crisis, which, whether we look at the number of the houses which failed or the amount for which they failed, has not in severity been exceeded even in our mercantile history.
Suppose Another Monetary Crisis were to ensue—suppose gold were again to become scarce—how, he wished to know, would the business of the country, under such circumstances, be carried on?
There was a Monetary Crisis, panic, commercial embarrassment; the minimum rate of discount stood at 10 per cent when Parliament met—at 8 per cent when the Budget was brought in.
He thought the special circumstances attending the Monetary Crisis under which the Act was passed having entirely passed away, they would not have been justified in using the powers given under the Act, which were never intended for the state of things which now existed, but only applied to the contingency of the rate of interest keeping up during the Parliamentary recess.
It states—among much other rhodomontade—that 500,000 Jews have invaded Roumania, and created a compact colony which has acquired a monstrous monopoly, and completely destroyed the commerce and retail trade of the native population; that the concentration of capital in their hands has created a Monetary Crisis; that the Jews have monopolized food and drinks; that the Roumans are forced to consume the food and drinks prepared by the Jews, while the Jews refuse with disdain those prepared by the Roumans; that the Jews of Spain, England, France and Austria, are neither 1246 Spaniards, Englishmen, Frenchmen nor Austrians, but only Jews; that the nationality of any people is obscured if it allows itself to be isolated by foreign and heterogeneous groups, and that when national union is thus menaced, the public liberties become mere chimeras; that the Rouman State is tolerant towards the free exercise of all forms of worship, but that it cannot shut its eyes to the morality of a religion of which it is the principal object to ruin the highest interests of the nation; and that the legislators of other countries have been equally with themselves obliged to put an end to the evils caused by the Jews.
The right hon. Gentleman had indulged in exultation at the financial prosperity of the country, although it was notorious that, during the last 12 months, the country was still writhing under the Great Monetary Crisis of 1866.
I will not enter into the question whether short-dated bills are dangerous; but for America or any other nation to hold several millions, as possibly they will do, of Treasury Bills which may become due during a Monetary Crisis is rather dangerous, and for my part I would rather get the money, if possible, in some way whereby we shall not run the risk of this claim from a foreign country coming upon us at a time when we can least meet it.
The fact that a Monetary Crisis exists in the world and in this country does not necessarily call for panic legislation.
There is no doubt that we must recognise and accept our own contribution to the Monetary Crisis that is in the back of our minds.
But let us stop tinkering and recognise that unless we are prepared to face the fundamentals of the situation we can have Another Monetary Crisis dragging us straight back to the 1930s.
Before the right hon. Gentleman the Member for Bexley (Mr. Heath) came in and started his customary giggling, my hon. Friend the Member for Ashfield (Mr. Marquand) said he hoped that, in consequence of This Monetary Crisis, therewould not be a return to the beggar my neighbour policies of the 'thirties.
Last year's Budget was presented soon after the Monetary Crisis which culminated in the Washington conference and the two-tier gold system.
They risk fines of between … £170 and … £100,000 and terms of imprisonment ranging from one to five years, or both … Between November 25 1968, when a wave of speculative capital drained from France in the wake of the Monetary Crisis, and the end of September, the customs authorities had recorded 14,279 breaches of exchange control regulations covering a total amount of more than F.280 million.
After the devaluation of the French franc and the revaluation of the German mark, the Six decided to strengthen their system of mutual support in times of Monetary Crisis, which, in certain circumstances, could be a great help to us.
I was tremendously touched to read in the Financial Times only today that M. Giscard d'Estaing, the French Finance Minister, is proposing that the Finance Ministers of the Six at their meeting next week should try to reach world solutions to the Monetary Crisis without waiting first to settle their own difficulties.
At the first whiff of grapeshot in the Recent Monetary Crisis it proved quite incapable of acting as a Community.
Mr. Cronin asked the Chancellor of the Exchequer if he will make a statement on the progress being made by the countries of the Group of Ten and the United States of America in resolving the Monetary Crisis, following the measures introduced by President Nixon in August this year.
asked the Chancellor of the Exchequer if he will make a statement on the progress being made by the countries of the Group of Ten and the United States of America in resolving the Monetary Crisis, following the measures introduced by President Nixon in August this year.
More than that, we benefited considerably when the Monetary Crisis came to be considered after President Nixon's measures of 15th August, in so far as we were brought into all the discussions of the Six from the outset.
During the Monetary Crisis, on 17th August last year, we had a situation in which the Americans made certain proposals.
It has taken most of the member States to the European Court on the issue of regional development and is now in process of taking France to the Court in relation to certain exchange control restrictions imposed by that country during a Monetary Crisis.
Dr. Mansholt said:It is discouraging to see that at the same time as we send pictures of Adam and Eve to Jupiter we have been unable to avoid the Monetary Crisis which has shaken relations between all the trading countries in the world.
Dr. Mansholt said:At the next allocation of drawing rights, a special allocation for developing countries should be envisaged to compensate for the losses in the purchasing power of their reserves resulting from the Recent Monetary Crisis.
It was only because he chose to float gently down that he was able to get as far down as he wanted, and only because he was capable of sinking in response to market pressures last week that the pound emerged comparatively unscathed from the Monetary Crisis which we are discussing.
This is a debate on the consequences of the Monetary Crisis.
I suggest that those hon. Members who have suggested that the oil-producing countries have been a major contributor to the Recent Monetary Crisis are being less than fair.
As my right hon. Friend the Chancellor of the Exchequer said,it is very difficult to trace where the money comes from, which money moves where, or who is responsible for This Monetary Crisis.
Of course the size of the United States current account deficit and the impact of Japanese competition encourage protectionism and create a very pressing problem for the United States administration, but the resolution of the Monetary Crisis should ease this problem.
That would have been the case even without this week's Monetary Crisis.
I take that view much more because I think that there is a certain tendency to underestimate the fundamental seriousness of the Monetary Crisis b the world, to underestimate the extent to which the world monetary situation has changed in the last three or four years.
It is difficult at this stage to be sure that the European Community is working in anything like normal circumstances 593 Enlargement has been accompanied by a series of crises, notably the Monetary Crisis, and a new Commission.
We have been debating the measures that the Chancellor announced last week to help us solve the Monetary Crisis that the country faces.
He pointed out that Scotland never experienced a Real Monetary Crisis.
The hon. Member for Bury St. Edmunds linked the initiation of the NAFTA agreement with the fact that there was a sudden run on short-term credit: $85,000 million flowed into Mexico on a short-term basis and flowed out again, creating a Monetary Crisis.
When that is accepted, we will discover that this is a Monetary Crisis.