1796. An Order in Council suspends specie payment by the Bank.
1799. Numerous failures,--chiefly on the Continent. The pressure in
England relieved by an issue of Exchequer bills.
1807-9. Great speculations in flax, hemp, silk, wool, etc.
1810. Recoil of speculation,--extensive failures, and great demand for
money.
1811. Parliament adopts a resolution declaring a one-pound note and a
shilling legal tender for a guinea.
1814-16. Heavy losses and bankruptcies,--failure of two hundred and
forty country banks,--the distress and suffering of the people compared
to that in France after the bursting of the Mississippi Scheme.
1819. Law passed for the resumption of specie payments in 1823,--after a
suspension of twenty-seven years.
1822. Great commercial depression throughout Europe,--agricultural
distress,--famine in Ireland.
1824. Speculations in scrips and shares of foreign loans and new
companies, to a fabulous amount.
1825. Recoil of the speculations,--run upon the banks,--seventy banks
stop,--a drain of gold exhausts the bullion of the Bank.
1826. Depression of trade,--government advances Exchequer bills to the
Bank.
1832. A run for gold,--bullion in the Bank again alarmingly reduced.
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