The national debt, which consisted before the war of 234,866,500 of external Financial and internal consols ar,d redeemable debts, and and Political 24,2 50,000 of home floating debt, was increased Reoiganizaby 46,21o,ooo of Cuban and Philippine debts, which tion.
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.
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.
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.
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.