The 1857–1858 Crisis

Charles Read ()
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Charles Read: University of Cambridge

Chapter Chapter 6 in Calming the Storms, 2023, pp 167-198 from Palgrave Macmillan

Abstract: Abstract This chapter shows how the 1857–1858 crisis arose from interest-rate movements and a sudden halt in capital flows. The effect of the British government-guaranteed loans for Indian railways, the Crimean war and the American Civil War on capital flows is discussed. This chapter also describes how, in the aftermath of the crises of 1847, a culture war developed between the Bank of England and the newer joint-stock banks, in addition to competition between them for discounting business. The same moral divide extended to the attitudes of some adherents of the Currency School and the Banking School and influenced their interpretations of the crises of 1857–58.

Keywords: Banking School; Currency School; Bank Charter Act; 1857 financial crisis; Indian rebellion; Crimean war (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-031-11914-9_6

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DOI: 10.1007/978-3-031-11914-9_6

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