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The 1847 Crises

In: Calming the Storms

Author

Listed:
  • Charles Read

    (University of Cambridge)

Abstract

This chapter shows the role that the Bank Charter Act of 1844, interest rates and capital flows played in the two crises of 1847. The April crisis is shown to have been contributed to by the raising of an ‘Irish loan’ to provide relief in the Irish Famine in the circumstances created by the Bank Charter Act 1844. At the same time, there were demands for capital to construct railways and to import additional food, which meant that the Bank of England was forced to squeeze credit under the Act, and the Irish loan made matters worse. Capital was also attracted abroad by high interest rates in America, but the flows suddenly ceased as interest rates equalised in the two countries. This triggered a second crisis, in October, that led to the suspension of the Bank Charter Act. Many Banking-School adherents subsequently blamed the legislation for the two crises.

Suggested Citation

  • Charles Read, 2023. "The 1847 Crises," Palgrave Studies in Economic History, in: Calming the Storms, chapter 0, pages 137-166, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-031-11914-9_5
    DOI: 10.1007/978-3-031-11914-9_5
    as

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