The
doctrines of the French Revolution were sedulously scattered throughout
the kingdom, and in several counties of Ireland actual uprisings had
taken place. Added to these were financial difficulties. The enormous
outlays demanded for the prosecution of the war were very naturally
weakening the public confidence in the final ability of the Government
to pay the extravagant sums it was obliged to borrow. Under the
influence of the distrust thus engendered stocks fell. Three per cents.,
which had sold at 98, went down to 53. Many of the loans effected by the
Government at this time and during the war were made with a discount of
forty per cent. on the nominal value of the stock. Gold was scarce, and
rapidly rising. The pressure on the Bank for redemption was greater than
it had been since the rebellion of 1745, and threatened, unless
corrective measures were at once adopted, to bring that institution to
actual bankruptcy.
The undaunted courage and resolution of the Government, in the midst of
this accumulation of difficulties, saved the country.
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