Measures were enforced to prevent Italian holders of consols from sending their coupons abroad to be paid in gold, with the result that, whereas in 1893 3,24o,ooo had been paid abroad in gold for the service of the January coupons and only 680,000 in paper in Italy, the same coupon was paid a year later with only 1,360,000 abroad and 2,540,000 at home.
Economies for more than 1,000,000, were immediately effected, taxes, calculated to produce 2,440,000, were proposed to be placed upon land, incomes, salt and corn, whi]e the existing income-tax upon consols (fixed at 8% by Cambray-Digny in 1868, and raised to 13.20% by Sella in 1870) was increased to 20% irrespectively of the stockholders nationality.
The tax upon consols, which, in conjunction with the other severe fiscal measures, was regarded abroad as a pledge that Italy intended at all costs to avoid bankruptcy, caused a rise in.
In 1899 he lowered the fixed charge for the National Debt from twenty-five to twenty-three millions - a reduction imperatively required, apart from other reasons, by the difficulties found in redeeming Consols at their then inflated price.
His most ambitious effort was his attempt to effect a conversion of consols in 1884, but the scheme proved a failure, though it paved the way for the subsequent conversion in 1888.
The mutiny at the Nore, the threat of rebellion in Ireland, the alarming fall in consols, argued strongly against continuing the war singlehanded, and in July Lord Malmesbury had been sent to Lille to open fresh negotiations with the plenipotentiaries of France.
In the autumn of 1847 a series of failures in the great commercial centres created a panic in the city of London, which forced consols down to 78, and induced the government to take upon itself the responsibility of suspending the Bank Charter Act.