ABSTRACT
In six weeks no fewer than seventy provincial banks failed. In London and in the country commercial houses fell one on the top of the other like u. bouse of card~ whose support is removed. Credit was almost at a standstill. It was impossible to say what constituted wealth for the purpose of carrying on business or meeting liabilities. The distrust WIUI as profound as the confidence bad but now been overweening. Whoever had loans out called them in , whoever had money in hand refused to part with it on any terms. From one end of Great Bt'itain to the other people looked blankly in one another's faces, not knowing whence had arisen this sudden tornado of financial despair. Little else was discussed in the Exchange or on the ma1·ket-place. While some said that the whole thing was purely imaginary, the result of foolish fears and scandalous rumours, others maintained with equal vigour t.ha.t the crisis was but the beginning of the end, and that the downfall of our whole industria.! and financial system was close at band.
