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INTERNATIONAL GOVERNMENT FINANCE AND THE AMSTERDAM CAPITAL MARKET 1740-1815 INTERNATIONAL GOVERNMENT FINANCE AND THE AMSTERDAM CAPITAL MARKET 1740-1815 JAMES C. RILEY Indiana University CAMBRIDGE UNIVERSITY PRESS Cambridge London New York New Rochelle Melbourne Sydney CAMBRIDGE UNIVERSITY PRESS Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, Sao Paulo, Delhi Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York w w w. c ambr idge. org Information on this title: www.cambridge.org/9780521226776 © Cambridge University Press 1980 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of the copyright holder. First published 1980 This digitally printed version 2008 A catalogue record for this publication is available from the British Library Library of Congress Cataloguing in Publication data Riley, James C International government finance and the Amsterdam capital market, 1740-1815. Bibliography: p. 1. Loans, Dutch - History. 2. Capital - Netherlands - History. 3. International finance - History. I. Title HJ8707.R54 332.4'5'09492 79-152 ISBN 978-0-521-22677-6 hardback ISBN 978-0-521-10110-3 paperback Portions of Chapter 7 were originally published in the following articles by the author: "Dutch Investment in France, 1781—1787," Journal of Economic History, XXXIII, no. 4 (December, 1973), 733, 736-9, 743, 744-51, and 753-5; "Foreign Credit and Fiscal Stability: Dutch Investment in the United States, 1781-1794," Journal of American History, LXV, no. 3 (December, 1978), 656- 7, 659, 660, 662, 663, 664, 665-6, 667-8, 669-71, 677, and 678. To JOHN MCCONNELL and JULIA CLIFFORD RILEY CONTENTS List of tables and charts page ix Acknowledgments xi 1 Introduction 1 Financing deficits in the eighteenth century 1 Format of exposition 4 The setting of borrowing 7 2 The Amsterdam capital market 28 The bequest of commerce and commercial finance 28 Government finance 35 3 Public credit in the Dutch Republic 68 Decentralization and its consequences 69 Borrowing formats 73 Myth and reality in the public's appraisal of credit worthiness 76 Public finance and the Dutch economy 80 4 Supply and demand patterns 83 The period of British domination 83 The period of dispersal 94 5 International government finance 101 Resources 101 Fiscal alternatives 109 National debts 114 6 The debtor states: I 119 Great Britain 119 Austria 126 vn Contents Denmark 136 Sweden 144 7 The debtor states: II 153 Russia 153 Poland 159 Spain 165 France 174 The United States 185 8 The collapse of solvency 195 Contraction in Amsterdam 195 Pandemic of bankruptcy on the continent 201 9 Economic consequences of lending to foreign governments 217 Financial flows and economic flows 219 Capital abundance and a modern sector of industry in the Republic 224 Erosion of the Dutch capital stock 240 Abbreviations 250 Notes 252 List of sources and works cited 336 Index 353 vm TABLES AND CHARTS Tables 3-1 Estimates of outstanding debts, debt service, and tax revenues in the province of Holland, 1652-1794 77 4-1 Distribution of the estimated balance of foreign gov- ernment loans 84 5-1 Approximate debt-revenue ratios, 1689-1811 116 6-1 Borrowing as a percentage of expenditures in war- time 120 6-2 Danish state debt 138 6-3 Danish foreign debt, 1781-8 138 6-4 Danish loans in the Dutch Republic from 1774 139 6-5 Swedish foreign debt as a percentage of the total debt, 1777-1809 148 7-1 Assignats in circulation and market rates, 1769- 1815 156 7-2 Polish loans in Amsterdam, 1786-92 161 7-3 Gross and net proceeds of Dutch loans to the United States 186 7-4 Foreign loans and central government revenues and expenditures of the United States, 1789-94 188 9-1 Estimated totals of long-term foreign loans outstand- ing compared to balances attainable through 100% reinvestment of annuity earnings 221 9-2 Average readable returns on selected domestic gov- ernment annuities, 1796-1814 236 9-3 Inflationary trends and the 1790 capital stock 245 IX

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During the eighteenth century European governments began systematically using an international credit structure whose centre was the Amsterdam capital market. This book reconstructs that system and surveys its principal effects on the European and especially the Dutch economies. Eighteenth-century s
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377 Pages·2009·4.44 MB·English
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INTERNATIONAL GOVERNMENT FINANCE AND THE AMSTERDAM CAPITAL MARKET 1740-1815 INTERNATIONAL GOVERNMENT FINANCE AND THE AMSTERDAM CAPITAL MARKET 1740-1815 JAMES C. RILEY Indiana University CAMBRIDGE UNIVERSITY PRESS Cambridge London New York New Rochelle Melbourne Sydney CAMBRIDGE UNIVERSITY PRESS Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, Sao Paulo, Delhi Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York w w w. c ambr idge. org Information on this title: www.cambridge.org/9780521226776 © Cambridge University Press 1980 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of the copyright holder. First published 1980 This digitally printed version 2008 A catalogue record for this publication is available from the British Library Library of Congress Cataloguing in Publication data Riley, James C International government finance and the Amsterdam capital market, 1740-1815. Bibliography: p. 1. Loans, Dutch - History. 2. Capital - Netherlands - History. 3. International finance - History. I. Title HJ8707.R54 332.4'5'09492 79-152 ISBN 978-0-521-22677-6 hardback ISBN 978-0-521-10110-3 paperback Portions of Chapter 7 were originally published in the following articles by the author: "Dutch Investment in France, 1781—1787," Journal of Economic History, XXXIII, no. 4 (December, 1973), 733, 736-9, 743, 744-51, and 753-5; "Foreign Credit and Fiscal Stability: Dutch Investment in the United States, 1781-1794," Journal of American History, LXV, no. 3 (December, 1978), 656- 7, 659, 660, 662, 663, 664, 665-6, 667-8, 669-71, 677, and 678. To JOHN MCCONNELL and JULIA CLIFFORD RILEY CONTENTS List of tables and charts page ix Acknowledgments xi 1 Introduction 1 Financing deficits in the eighteenth century 1 Format of exposition 4 The setting of borrowing 7 2 The Amsterdam capital market 28 The bequest of commerce and commercial finance 28 Government finance 35 3 Public credit in the Dutch Republic 68 Decentralization and its consequences 69 Borrowing formats 73 Myth and reality in the public's appraisal of credit worthiness 76 Public finance and the Dutch economy 80 4 Supply and demand patterns 83 The period of British domination 83 The period of dispersal 94 5 International government finance 101 Resources 101 Fiscal alternatives 109 National debts 114 6 The debtor states: I 119 Great Britain 119 Austria 126 vn Contents Denmark 136 Sweden 144 7 The debtor states: II 153 Russia 153 Poland 159 Spain 165 France 174 The United States 185 8 The collapse of solvency 195 Contraction in Amsterdam 195 Pandemic of bankruptcy on the continent 201 9 Economic consequences of lending to foreign governments 217 Financial flows and economic flows 219 Capital abundance and a modern sector of industry in the Republic 224 Erosion of the Dutch capital stock 240 Abbreviations 250 Notes 252 List of sources and works cited 336 Index 353 vm TABLES AND CHARTS Tables 3-1 Estimates of outstanding debts, debt service, and tax revenues in the province of Holland, 1652-1794 77 4-1 Distribution of the estimated balance of foreign gov- ernment loans 84 5-1 Approximate debt-revenue ratios, 1689-1811 116 6-1 Borrowing as a percentage of expenditures in war- time 120 6-2 Danish state debt 138 6-3 Danish foreign debt, 1781-8 138 6-4 Danish loans in the Dutch Republic from 1774 139 6-5 Swedish foreign debt as a percentage of the total debt, 1777-1809 148 7-1 Assignats in circulation and market rates, 1769- 1815 156 7-2 Polish loans in Amsterdam, 1786-92 161 7-3 Gross and net proceeds of Dutch loans to the United States 186 7-4 Foreign loans and central government revenues and expenditures of the United States, 1789-94 188 9-1 Estimated totals of long-term foreign loans outstand- ing compared to balances attainable through 100% reinvestment of annuity earnings 221 9-2 Average readable returns on selected domestic gov- ernment annuities, 1796-1814 236 9-3 Inflationary trends and the 1790 capital stock 245 IX

Description:
During the eighteenth century European governments began systematically using an international credit structure whose centre was the Amsterdam capital market. This book reconstructs that system and surveys its principal effects on the European and especially the Dutch economies. Eighteenth-century s
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