The Financial Crisis pf 1825 and the Restructuring of the British Financial System

gratitude the support of the University of Illinois during his sabbatical leave of 1996-97 as well as the Guggenheim Foundation and the British Fulbright Commission, for research efforts on this project. This version of the paper has benefited not only from the comments of the discussant, Michael Bordo, and participants at the conference, but also from comments and suggestions made during seminars at the University of Illinois (especially Lee Alston and Salim Rashid), Indiana University (especially George von Furstenberg and Elmus Wicker), and the Research Triangle in North Carolina (especially Douglas Fisher, Judith Klein, and Gianni Toniolo). Remaining shortcomings and misinterpretations of the facts are, of course, the sole responsibility of the author.