The distress of England in 1847 was scarcely over when France was more severely affected than at any period since the Continental War.  Louis Philippe abdicated in February, 1848, when consols closed at 88-7/8.  By the close of the week they fell to 83, upon the formation of a provisional government.  The political dissensions and commercial revulsion led to a large withdrawal of gold from the Bank of France, and finally the Government authorized, in March, the suspension of the bank, which was followed by the suspension of the Bank of Belgium and by the Societe Generale.

Again, in 1857, the Bank of England was on the verge of suspension.  Lord Palmerston and the then cabinet issued an order, November 12, authorizing the bank, if they thought it advisable, again to violate the charter; but it was found at the last moment unnecessary.

November was the critical period of the year 1857.  The Times of November 12, 1857, contained these announcements: 

1.  Bank charter suspended.

2.  Interest in London, 10 per cent.

3. " in Hamburg, 10 per cent.

4. " in Paris, 8-1/2 per cent.

5. " in New York, 25 per cent.

6.  Suspension of cash payments generally by all banks in the United States.

7.  Two banks stopped in Glasgow, and one in Liverpool, and a great bill panic in London.

8.  Commercial credit and transactions almost suspended in the country.

9.  Bullion in the bank, L7,170,000.

10.  Reserve notes in the bank, L975,000.

11.  Bank liabilities, L40,875,000.

’One gentleman, during the heat of the excitement at Glasgow, went into the Union Bank and presented a check for L500.  The teller asked him if he wished gold.  ‘Gold!’ replied he, ’no; give me notes, and let the fools who are frightened get the gold,’ Another gentleman rushed into the same bank in a great state of excitement, with a check for L1,400.  On being asked if he wished gold he replied, ‘Yes.’  ‘Well,’ said the teller, ’there is L1,000 in that bag and L400 in this one.’  The gentleman was so flurried by the readiness with which the demand was granted that he lifted up the bag with the L400 only, and walked off, leaving the L1,000 on the counter.  The teller, on discovering the bag, laid it aside for the time.  Late in the day the gentleman returned to the bank in great distress, stating he had lost the bag with the L1,000, and could not tell whether he dropped it in the crowd or left it behind him on leaving the bank.  ‘Oh, you left it on the counter,’ said the teller, quietly, ’and if you call to-morrow you will get your L1,000.’ (Vide ‘History Bank of England,’ p. 429.)

The facts and statistics from the year 1844 to 1860 relating to the bank are superadded to the English work by the American editor.  Of the important phases of this period the editor gives a slight sketch in the following paragraphs.  The prominent financial movements in England, France, and the United States are given in the subsequent pages of the volume.