Full resolution (TIFF) - On this page / på denna sida - XV. Reign of Adolph Frederick, 1751–1771 - C. The Fall of the Hat Party
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Sweden in the Seven Years’ War 273
party : the miserable Russian War and the extravagant
subsidies granted the factories. In consequence of this
mismanagement the country was burdened with an
immense debt, about the same as that at the death of
Charles XII of course with this difference, that the
country was better able to bear the burden now than
it was at that time, its industries being in a far better
condition.
The Mismanagement of the Hat Party. To meet
these expenditures the government had resorted to
borrowing as long as it was possible and then to issue
paper money without limit. When it became evident
that the government could not redeem in real money
the immense quantity of bills in circulation, the result
was the same as in the case of Baron Gortz’s copper
coins: they depreciated even to one-third of the face
value. The result was distress and uncertainty. No
one knew if the bills he received today would have the
same value tomorrow. People of fixed salaries were
deprived of two-thirds of their income. People who
had made investments suffered in the same way.
Among people of means there was a sharp competition
for the purchase of goods, metals, commodities of per-
manent value. It was said that one might find peasants
buying at auction Latin books just for the purpose of
getting some value for their despised bills.
The economists of that day had not fully learned the
danger of issuing too much paper money.
The Ousting of the Hats. At the Riksdag of 1765,
the people unanimously insisted that extravagance
must end, and the government of the Hat party as
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