8. George IV, Debtor
• 1783 stipend £50,000
–1786 Debts £160,000
• 1795 Stipend £86,000
–Debts £630,000
• 1803 Debts £800,000
• As king – expenses of £600-700,000 on Buckingham
Palace
9. Finance
• 1797 Convertibility of notes into gold suspended
• Retirement of war debt
• Elimination of income tax
• Increased trade and investment (speculation) in
independent Latin America
11. Financial Changes
• 1821 Resumption of gold standard
• Government tax on East India company for protection
–EIC given China trade monopoly
• Rise of country banks
–Continue to issue small notes
–Finance industrial expansion
12. Stock Market – New Stocks
• 1824 -1825: 624 NSOs with capitalization of
£372,173,100
• 1827: 127 still exist
–Actual capital £15,185,950
–Actual market value £9,303,950
16. The Response
• Major London banks fail
–Country correspondent banks turn to London banks for cash
–London banks turn to Bank of England
• Bank of England
–Lender of last resort: too little, too late
–Tighten money supply by raising rates from 3 to 5%
–Saved by gold from Banque de France
17.
18. Banking Reforms
• Bank of England given permission to open branches in
country
• Permit large joint stock banks in country
19. Bank of England’s Considerations
Bank’s benefits
1. Increase circulation of
Bank of England notes.
2. Increase Bank’s control of
paper circulation
3. Provide large deposits.
4. Protect the Bank against
potential competition
Public Benefits
1. Provide more secure
provincial circulation.
2. Protect against monetary
fluctuations
3. Increase security and
facility of transmission of
money.
4. Provide secure places of
deposit “in every quarter
of the Kingdom.”
22. The Perception 1798
• 115,000/ 1,000,000 "who are supposed to support
themselves in and near the Metropolis by pursuits
either criminal- illegal-or immoral.” including
–50,000 prostitutes
–8,000 “Thieves, Pilferers, and Embezzlers who live partly by
depredation and partly by...occasional labour."
23. Workers of England, Unite!
Men of England, heirs of Glory,
Heroes of unwritten story,
Nurslings of one mighty Mother,
Hopes of her, and one another;
'Rise like Lions after slumber
In unvanquishable number,
Shake your chains to earth like dew
Which in sleep had fallen on you –
Ye are many - they are few.
Shelley - The Mask of Anarchy
25. Reformer- Samuel Romilly
• Objective- repeal of
Elizabethan capital
statutes
–1808 Pickpocketing
–1812 AWOL soldiers and
sailors
26. 1823 Reforms
• Theft less than £2 no longer capital
• Judgement of Death Act gave judges the power to
commute the death penalty for all capital crimes
except treason and murder
• Juries reluctant to convict
• Alternative punishment - transport
27. Peel & Metropolitan Police
• 1809 Ireland Peace
Preservation Force
• 1822 Ireland Constables
• 1829 Metropolitan Police
–Replace local constables
–Central control
–Uniforms
29. Quiz
• What was Peel’s first name?
• Were the police first called
• Peeler
• Raw lobster
• Bobby
• Robber
30. 1832+ Reforms (Peel)
• The Punishment of Death, etc. Act reduces number of
capital crimes by 2/3 (includes shoplifting, sheep,
cattle and horse stealing)
• Anatomy Act – prohibits dissection of murderers
• 1834/5 sacrilege, letter stealing, returning from
transportation
• 1836 Forgery and coining
• 1841 Rape
31. Reduction in Capital Punishment
• 1814. Last hanging under the "Waltham Black Acts" -
cutting down an orchard
• 1820. Last hanging, drawing, and quartering – Cato
Street Conspirators
• 1833. Last hanging of a juvenile under 18
• End of gibbeting
32. Whipping and the Pillory
• 1817 Public whipping of
women abolished
• 1830s Public whipping of
men ended.
• 1837 Pillory abolished
33. Whipping Post and Pillory
SB 60 -AN ACT TO AMEND
SUBCHAPTER IV, CHAPTER 47, TITLE
16, DELAWARE CODE, BY ADDING
THERETO THE PUNISHMENT OF
WHIPPING FOR CERTAIN OFFENSES.
Introduced in 1989 by Senator Sharp
34.
35. Humanitarian Concerns
• Gaols Act 1823
–Chaplains.
– Paid jailers
–Prohibited the use of irons and manacles
–Female wardens for female prisoners
36. Political Reform
• Test and Corporations Act
–1673 "I, __, do declare that I do believe that there is not any
transubstantiation in the sacrament of the Lord's Supper, or
in the elements of the bread and wine, at or after the
consecration thereof by any person whatsoever."
–1678 For M.P.s forbid worship of saints, the Virgin Mary, or
attend masses
39. Parliament Reform I
• 1828 Repeal Test and Corporations Act
–Add words ‘on the true faith of a Christian’
–Remains in effect for Universities
• 1829 Catholic Relief Act
–Daniel O'Connell, County Clare
• 1832 Joseph Pease, Quaker seated in Commons after
affirmation