Money and Industry: The 1824 Reform and the Coin-making in Barcelona (1836-1848)

Authors

  • Pere Pascual i Domènech Universitat de Barcelona

DOI:

https://doi.org/10.1344/rhi.v1i26.19523

Keywords:

Money, Industry, Barcelona, Money Currency

Abstract

The article deals with the need to increase the monetary ofter at the beginning of any industrialisation process (in this case the Catalan one) much more than income growth. In Spain this process was greatly obstructed because of inadequacies inherents to the 1824 monetary reform. In this study these inadequacies are specified –the parity of the exchange of the Spanish “duro” with the five-franc coins, coin ratio and the tariffs level– and it is shown that between 1824 and 1848 the making of coins was extremely reduced in absolute and in relative terms. The second part of the article shows the way mint in Barcelona (between 1836 and 1848) was made, in considerable quantities, of golden coins. This was a necessary condition to create an issue bank in Barcelona (in 1844) able to generate an offer of paper-currency which dispelled for good the deflation pressure which hab ballasted the industrialisation take-off in Catalonia at ists beginnings.

Published

2017-07-19

Issue

Section

Articles