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The Financial Crisis of Abolition$
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John Schulz

Print publication date: 2008

Print ISBN-13: 9780300134193

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300134193.001.0001

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Reflections on Inflation

Reflections on Inflation

Chapter:
(p.132) Chapter 9 Reflections on Inflation
Source:
The Financial Crisis of Abolition
Author(s):

John Schulz

Publisher:
Yale University Press
DOI:10.12987/yale/9780300134193.003.0009

This chapter describes the pressure that arose from certain groups of planters to make available medium-term credit for agriculture. The two prime ministers in power after abolition, Joao Alfredo and the viscount of Ouro Preto, advanced funds to the planters through the banking system, and, taking advantage of a favorable international situation, permitted banks to issue banknotes convertible into gold. Ouro Preto, who governed during the final five months of the empire, sought to regain the planters' allegiance to the monarchy by lending them large amounts of public funds. Although these loans saved neither the declining coffee barons of the Paraiba Valley nor the monarchy itself, easy money provoked a speculative boom known as the Encilhamento.

Keywords:   medium-term credit, agriculture, Joao Alfredo, banking system, banknotes, gold, Ouro Preto, coffee barons, Encilhamento

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