Full resolution (TIFF) - On this page / på denna sida - XV. Reign of Adolph Frederick, 1751–1771 - D. Administration of the Younger Cap Party
<< prev. page << föreg. sida << >> nästa sida >> next page >>
Below is the raw OCR text
from the above scanned image.
Do you see an error? Proofread the page now!
Här nedan syns maskintolkade texten från faksimilbilden ovan.
Ser du något fel? Korrekturläs sidan nu!
This page has never been proofread. / Denna sida har aldrig korrekturlästs.
27& A History of Sweden
denly prohibited the state bank from granting loans
to factories and other enterprises, and began a forcible
collection of all the bank’s credits. By this means it
was expected that the bank by degrees would be able
to redeem all the paper money in coin. But hard times
for the manufacturers and miners followed. They had
all been borrowers at the bank. Now many had to close
their businesses. Expensive machinery was sold at
great sacrifice, large masses of workmen were thrown
out of employment and suffered want. Many of them
emigrated, and thus Sweden lost thousands of her
most skillful sons. This sudden change in the policy
of the government had brought on an industrial crisis
which was painful to pass through. It was, however,
to a great extent unavoidable after the extravagance
of the Hats. It swept away many establishments which
had been maintained by excessive state subsidies. But
the larger factories, which rested on a more solid foun-
dation, survived the crisis.
The Riksdag of 1769. At the Riksdag summoned in
1769 to relieve the distress, the general discontent led
to the removal of the majority of the Caps from the
council and their places were filled by men of the
Hat party. All Russia’s and Denmark’s intrigues and
bribery could not save the Cap party from defeat.
<< prev. page << föreg. sida << >> nästa sida >> next page >>
