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Foreign News
May 23, 1797
The New Hampshire Gazette
Portsmouth, Rockingham County, New Hampshire
What is this article about?
Report from Dublin on London's economy: Business limited to closing sales and settling accounts; speculation ended. Gold guineas vanishing into hoards or ground; paper money can't replace gold.
Clipping
OCR Quality
98%
Excellent
Full Text
DUBLIN, March 16.
A correspondent assures us by advice of the first authority from London, that the whole business in that great emporium of trade is now confined to the closing of sales, the winding up of accounts, and the calling in of scattered property; speculation sleeps and enterprise is at an end.
The guineas, for there is no other coin whose intrinsic value approaches that of its denomination, daily disappear: they retire into the iron recesses of the rich, or sink into their parent earth. The law, he adds, may substitute paper as a succedaneum for gold, but it has no power to conjure the precious metal into view.
A correspondent assures us by advice of the first authority from London, that the whole business in that great emporium of trade is now confined to the closing of sales, the winding up of accounts, and the calling in of scattered property; speculation sleeps and enterprise is at an end.
The guineas, for there is no other coin whose intrinsic value approaches that of its denomination, daily disappear: they retire into the iron recesses of the rich, or sink into their parent earth. The law, he adds, may substitute paper as a succedaneum for gold, but it has no power to conjure the precious metal into view.
What sub-type of article is it?
Economic
What keywords are associated?
London Economy
Trade Stagnation
Gold Guineas
Speculation End
Paper Money
Where did it happen?
London
Foreign News Details
Primary Location
London
Event Date
March 16
Outcome
speculation and enterprise halted; gold guineas disappearing, paper substitution ineffective.
Event Details
Business in London confined to closing sales, winding up accounts, and calling in property. Guineas disappearing into rich's hoards or earth; law can substitute paper for gold but cannot make gold appear.