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- Panic_of_1866 abstract "The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy.In Britain the economic impacts are held partially responsible for public agitation for political reform in the months leading up to the 1867 Reform Act. The crisis led to a sharp rise in unemployment to 8% and a subsequent fall in wages across the country. Similar to the \"knife and fork\" motives of Chartism in the late 1830s and 1840s, the financial pressure on the British working class led to rising support for greater representation of the people. Groups such as the Reform League saw rapid increases in membership and the organisation spearheaded multiple demonstrations against the political establishment such as the Hyde Park riot of 1866. Ultimately the popular pressure that arose from the banking crisis and the recession that followed can be held partly responsible for the enfranchisement of 1.1 million people as a result of Disraeli's reform bill.The Panic decimated shipbuilding in London, and the Millwall Iron Works collapsed. Barely 16 percent of joint-stock companies weathered this tumult. The Companies Act 1862 created a financial boom which laid the groundwork for the larger banks of British finance during the latter half of the 19th century.The primary importance of the expansion of credit was its role in foreign trade. Historians P.J. Cain and A.G. Hopkins note that \"gentlemanly capitalism\" (a class-conscious form of white-collar work in finance, insurance, shipping and the Empire) was the key to the growth of the Empire and its economic growth beginning in 1850. Historian David Kynaston notes the shift in the discount bills in the 1860s, particularly to finance supplies for the U.S. War between the States, and Richard Roberts describes the 1860s, 1870s and 1880s as the \"internationalisation of the discount market\".The Panic of 1866 provides the key event recognising this shift. In the 12 May 1866 issue of The Economist, Walter Bagehot noted that the Bank of England's refusal to lend with consol bills as collateral was troubling. The following week he also wrote that this refusal had caused further panic, as well as that the Bankers did not consider the Bank of England to be a Government agency. By issuing its letter suspending the Bank Charter Act 1844, however, it revealed its backing by the Government and was \"confirming the popular conviction that the Government is behind the Bank, and will help it when wanted\" On 12 May 1866, Bagehot wrote that the panic now meant \"a state in which there is confidence in the Bank of England and in nothing but the Bank of England,\" highlighting the conflict between the Bank's role in maintaining the liquidity of the domestic market and in maintaining its reserves to guarantee convertibility for foreign currency exchange. In a panic, not only did the need to maintain reserves mandated by the Bank Charter Act 1844 lead to hesitation by the Bank, but also the suspension of its requirements confused foreign investors, who believed the Bank had suspended payments, which led to concurrent massive foreign withdrawals. The Bank of England adopted Bagehot's solution, which was an explicit policy of free offers to lend at high discount rates. This policy rebuilt the Bank's reserves.".
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- Panic_of_1866 wikiPageLength "5771".
- Panic_of_1866 wikiPageOutDegree "26".
- Panic_of_1866 wikiPageRevisionID "706703691".
- Panic_of_1866 wikiPageWikiLink Bank_Charter_Act_1844.
- Panic_of_1866 wikiPageWikiLink Bank_of_England.
- Panic_of_1866 wikiPageWikiLink Category:1866_in_economics.
- Panic_of_1866 wikiPageWikiLink Category:1866_in_the_United_Kingdom.
- Panic_of_1866 wikiPageWikiLink Category:1866_in_the_United_States.
- Panic_of_1866 wikiPageWikiLink Category:19th_century_in_economics.
- Panic_of_1866 wikiPageWikiLink Category:Economic_disasters_in_the_United_States.
- Panic_of_1866 wikiPageWikiLink Category:Economic_history_of_the_United_Kingdom.
- Panic_of_1866 wikiPageWikiLink Category:Financial_crises.
- Panic_of_1866 wikiPageWikiLink Chartism.
- Panic_of_1866 wikiPageWikiLink Companies_Act_1862.
- Panic_of_1866 wikiPageWikiLink Italy.
- Panic_of_1866 wikiPageWikiLink List_of_banking_crises.
- Panic_of_1866 wikiPageWikiLink List_of_riots_in_London.
- Panic_of_1866 wikiPageWikiLink London.
- Panic_of_1866 wikiPageWikiLink Millwall_Iron_Works.
- Panic_of_1866 wikiPageWikiLink Names_of_the_American_Civil_War.
- Panic_of_1866 wikiPageWikiLink Overend,_Gurney_and_Company.
- Panic_of_1866 wikiPageWikiLink Recession.
- Panic_of_1866 wikiPageWikiLink Reform_Act_1867.
- Panic_of_1866 wikiPageWikiLink Reform_League.
- Panic_of_1866 wikiPageWikiLink Silver_standard.
- Panic_of_1866 wikiPageWikiLink United_Kingdom.
- Panic_of_1866 wikiPageWikiLink Working_class.
- Panic_of_1866 wikiPageWikiLinkText "Panic of 1866".
- Panic_of_1866 wikiPageWikiLinkText "banking crisis of 1866".
- Panic_of_1866 wikiPageWikiLinkText "banking crisis".
- Panic_of_1866 wikiPageWikiLinkText "crash of 1866".
- Panic_of_1866 wikiPageWikiLinkText "economic depression in 1867".
- Panic_of_1866 wikiPageWikiLinkText "financial panic of May/June".
- Panic_of_1866 wikiPageWikiLinkText "in 1866".
- Panic_of_1866 wikiPageWikiLinkText "international financial instability".
- Panic_of_1866 wikiPageWikiLinkText "panic of 1866".
- Panic_of_1866 wikiPageUsesTemplate Template:BankPanicUSA.
- Panic_of_1866 wikiPageUsesTemplate Template:Economy-stub.
- Panic_of_1866 wikiPageUsesTemplate Template:History-stub.
- Panic_of_1866 wikiPageUsesTemplate Template:Reflist.
- Panic_of_1866 wikiPageUsesTemplate Template:Stock_market_crashes.
- Panic_of_1866 subject Category:1866_in_economics.
- Panic_of_1866 subject Category:1866_in_the_United_Kingdom.
- Panic_of_1866 subject Category:1866_in_the_United_States.
- Panic_of_1866 subject Category:19th_century_in_economics.
- Panic_of_1866 subject Category:Economic_disasters_in_the_United_States.
- Panic_of_1866 subject Category:Economic_history_of_the_United_Kingdom.
- Panic_of_1866 subject Category:Financial_crises.
- Panic_of_1866 hypernym Downturn.
- Panic_of_1866 type Crisis.
- Panic_of_1866 comment "The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy.In Britain the economic impacts are held partially responsible for public agitation for political reform in the months leading up to the 1867 Reform Act. The crisis led to a sharp rise in unemployment to 8% and a subsequent fall in wages across the country.".
- Panic_of_1866 label "Panic of 1866".
- Panic_of_1866 sameAs Q7131103.
- Panic_of_1866 sameAs Panika_roku_1866.
- Panic_of_1866 sameAs m.02rfsh7.
- Panic_of_1866 sameAs Q7131103.
- Panic_of_1866 wasDerivedFrom Panic_of_1866?oldid=706703691.
- Panic_of_1866 isPrimaryTopicOf Panic_of_1866.