Chapter

Private Credit and Public Confidence

Donna T. Andrew and Randall McGowen

in The Perreaus and Mrs. Rudd

Published by University of California Press

Published in print January 2001 | ISBN: 9780520220621
Published online March 2012 | e-ISBN: 9780520923706 | DOI: http://dx.doi.org/10.1525/california/9780520220621.003.0007
Private Credit and Public Confidence

Show Summary Details

Preview

This chapter examines the Perreau trial that took place against a backdrop of extraordinary financial uncertainties in the 1770s. It reveals the shape of financial credit in these years—its foundation in acquaintance and reputation—and threatens to expose its more disturbing underside. It notes that the financial crisis of 1772 left the public shocked, angry, suspicious, and many innocent people suffered from the frenzied and often unscrupulous speculation that led to the collapse, and there was a bitter outcry against those held responsible. It observes that to contemporaries, the disclosure of the Perreaus' activities both confirmed their worst fears about the vulnerability of private credit and reminded them of the dangers of stock-jobbing.

Keywords: Perreau trial; financial credit; financial crisis of 1772; private credit; stock-jobbing

Chapter.  12756 words. 

Subjects: Modern History (1700 to 1945)

Full text: subscription required

How to subscribe Recommend to my Librarian

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.