The attempt of the latter to utilize Gordon as a counterpoise to the European financiers having failed, Ismail fell into the hands of his creditors, and was deposed by the sultan in the following year in favour of his son Tewfik.
He went from place to place in South Africa (December 26 - February 25); arranged with the leading Transvaal financiers that in return for support from the British government in raising a Transvaal loan they would guarantee a large proportion of a Transvaal debt of 30,000,000, which should repay the British treasury so much of the cost of the war; and when he returned in March 1903, satisfaction was general in the country over the success of his mission.
Roused by the collapse of the assignats, following upon the ruin of industry and the arrest of commerce, they were still further exasperated by the speculations of the financiers, by the jobbery which prevailed throughout the administration, and by the sale of national property which had profited hardly any but the bourgeoisie.
The class which gave the Revolution its chiefs, its outward and visible forms, and the irresistible epergy of its hopes, was the bourgeoisie, intelligent, ambitious and rich; in Thc hourthe forefront the capitalists and financiers of the haute ~e bourgeoisie, farmers-general and army contractors, the Incar..
Systematic debasement of the coinage was practised both in India, where the monetary system was extremely complex, 2 and in Portugal; and owing to the bullionist policy adopted by Portuguese financiers little permanent benefit accrued to the mother country from its immense trade.