Excerpt from The History, Commercial the Commercial Stock Exchange and the Stock Exchange Panic of 1859
The "History of the Commercial Crisis of 1857-58" is now presented after some short delay, the labour entailed in the arrangement of the work, and the care requisite in seeing it through the press, having been considerable. While the volume may be regarded as exhibiting, in particular, the special career of the great revulsion experienced at the close of 1857, it also contains a retrospective glance at the several similar "dread visitations" which have occurred since the remarkable epoch of 1825. It may, therefore, be said to trace the financial history of the country for more than the last quarter of a century. The connecting link between the Crisis of 1847-48 and that of 1857-58 has been distinctly preserved, and the materials collected in the Supplementary Chapter and the General Appendix will, it is thought, be found useful to all who may be engaged in banking and mercantile pursuits.
The causes and effects of the Crisis of 1857-58, which is admitted to have been the most severe that England, or any other nation, has ever encountered, are set forth in a plain and intelligible manner, the Report of the Parliamentary Committee clearly demonstrating the rise and progress of the system of business which first caused the inflation, and which, when it could be no longer supported, terminated in the ordinary, and on this occasion fearful, collapse. Whatever defects may exist in the banking system of the United Kingdom - and its most ardent supporters will allow that modifications may be essential - the operation of the Charter of 1844 cannot be held responsible for the great mischief which followed the over-trading of 1853 and the four succeeding years. But although the Crisis produced such injurious results, and the consequences were very alarming, the material wealth of the country was not endangered - a circumstance since established by the recovery and steady revival in business.
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