The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-09
AMERICAN PANICS.


satisfy its expenses bills Of credit were issued by the Mas
sachuse,ts Bay Colony which example followed by
the others. great number Of bills OF credit were
thrown upon the market and deprecated fty per
cent The commerce Of the colonies entirely dis
arranged and did not recover from the shock for
MORE WAR AND MORE RAGS.
1747s-The successful expedition against IOuisburg
n745 had been paid for with new issue Of paper money
three millions These bills Of credit were OF no value
abroad and speedily deprecated at home. In Massa
chusets one hundred pounds sterling in hard cash were
worth eleven hundred pounds paper currency. The
infant colonies however, struggled through this terrible
l7SO-During the war of the Revolution commerce Of
all kinds Frustrated Grass grew IN the streets OF
Boston, New York, Newport, Salem and Chareston-all
important commercial ports at that time. From the
year 1T723 to 1889 there was but little specie In the
country and Congress had issued 100 millions Of paper
money which far deprecated after the war as to be
entirely worthless. A shoemaker in Maiden, Massachu
sets, papered the walls of his shop with them
TrY ADAMS PANIC or '98.
1796-Threatened war with France. The Bank OF Eng
land had suspended All Europe was ut war The admin
straton Of Mr. Adams not happy one and political
feeling never high. All these things together
brought about senselcss panic, and nearly all the best
merchants obliged to stop payment The prisons Oh
the principal cities filled with bankrupt merchants
The panic ceased when the rumor was found to be
THE EMBARGO srAGSAnoN-ls07.
1S06.-Napoeon issues the Berlin decree putting the
British islands under blockade, and commanding the
seizure Of vessels which should attempt trade with them
Our commerce anguished in consequence.
1907 NOVEMBER 1.-THE British government issued the
Orders in Council closing the American trade with any
part Of Europe which excluded the British flag
DECEMBER l7.-Napoeon issues the Milan Decree com
mandng that any vessel which touched at British port
should be subject to seizure and condemnation
which aI American Vessels were forbidden TO leave mort
This adopted in consequence of the Berlin decree
1sOsThe effect of the Embargo act TO great
distress among all classes of people but more particularly
those engaged in the shipping interest The agricultural
interest likewise suffered as our redundancy
OF produce could not be exported. Trade of all kinds
was at stand STILL and thousands Of merchants were
ruined.
1s09-The Embargo still continued. The state of the
country is thus described in the report of committee Of
the Massachusetts legislature
JANUARY Sour agriculture is discouraged. The
fisheries abandoned. Navigation forbidden. Our com
home restrained if not annhilaed The revenue
exnguished."
MARCH l5-The Embargo raised.
HARD TIMES or 1872, 10, IA, rs
1S12-War is declared with England. The importation
of specie is stopped and the banks suspend Throughout
the next two years there great distress in CONNER
cal circles the peace Of 1915 found the country
trate.
1916, FEHRrARY-Thc Union Bank Of New York, re-
APRIL 1O.-Mr. Madison having changed his views with
regard to National Bank, APP charter for such
an institution with capital OF thirty five millions The
New York Legislature act to force the banks to
by the first of June, 1877 and pay interest at
saus me tinted is ~
and initiates prices large amounts Of specie flow in from
Europe contraction is the inevitable result and
vuson by which several thousand merchants ruined
FLUSH 1825-PANIC or 1926.
1S25-Trade and commerce revived Everybody Is
flush Of money, and mania for speculation arises like
that of the South Sea bubble in England and Laws bank
in France.
ArRIr-Morris Canal and Banking Company incorporat
ed Capital limited to one million. Twenty millions
offered At Philadelphia men were hired 10 fight their
through the crowd to get shares in the Bank of South
wark. Al Providence Rhode Island twice the sum re-
qurcd subscribed for the Blackstone Canal At New
York all sorts Of stock bubbles are inflated and the mania
for speculation is terrible.
MAY-The New York Water Works Company chartered
with capital OF two millions. Twenty millions offered.
1925, JrIy.-The failure Of several extensive moneyed
excites general distrus There Is the
banks by deposors and notcholders but specie gene
rally refused During the previous year the balance of
exports and imports specie had been nearly three mil
lions against the United States, but in August reaction
took place, and specie flowed into the country in large
amount.
The TOUGH TIMES or 81.
1882 JrIy loM Message OF President jackson vetoing
the United States Bank law.
OtIomR.-Remoya OF the deposits. General war be-
tween the banks and the administration
1888, a, 5.-The banks expand Imports doubled.
Twice much specie goes out Of the country brought
into IL.
1885 DECEMBER 16.-The great fire in New York de.
stroys property to the value Of seventeen millions Of dol
lars the commercial part of the city No failures fol
lowed Immediately, the banks continuing % expand.
Nearly all the fire insurance companies unable 10
pay their losses and forced to wind up their affairs thus
causing double misfortune 70 the insured and the stock
holders.
lsso-During this year spccuations of all kinds were
fancy Stoeks otcuped
ton Of Wall street
ArGrs1-Rathbun, extensive real estate Spectator in
Buffalo. smashed. He owned the Patterson Bank. Tho
HuALp Of the 9th predicted crisis and advised all s
readers to refuse notes OF banks west Of Albany.
SrrrEsnrT s.-First shnplaser currency issued by n
savings bank In Illinois. The HERALD again predicts a
crisis.
snTKxrER 10 TO 2o.-The crisis approaches The banks
begin 10 contract bat let money al usuous rates through
brokers. stocks began to fall Mr.. Dallas commences
the Pennsylvania against the United States Bank.
Stock falls five cent The HERALD announces that the
rrflt .f.1h nAua .l.
spectators bad laughed at the IDEAS of the Herald they
now begin TO believe Il.
OCTOBER b.-Thc pressure In the money market in.
Money commands three and four per cent.
Stocks fall again
oeromR i2--The panic commences. Three millions Of
paper offered at the state Bunk and millions thrown
out The Mcssrs. Hgginson, large Broad street commits
sion house, 90 by the board for several hundreds OF
Oe1oBrR 14-More failures. Tho banks refuse to dis.
count money quarter per cent day for short loans
Stocks had another tumble The HERALD al this period
remarkcd"The loss by the irc now began 20 be felt,
and the effect Of excessive speculaions In real
stocks, railroads and every thing"
OcToHtR 2l-An attempt made 10 bull up the stock
board without The exchanges the country
came entirely disarranged andtwo three stock brokers
went in.
ocroHrR 24-The banks threw out everything and
ten twelve Of the best mercantile houses by the
board.
NoysxHyR There was . lull this month in The ranic
and stocks little. All articles u luxury went down
but articles III necessity increased price Flour began
to up, and great distress among the poor anci
paled.
DEtEsnKR 5-Greai excitement against the banks. Dis
counts suddenly cut on During the month the banks let
little, but business ~ all kinds stagnant new
Congress met and relief expected from that quarter
Real estate and rents declined little Several failures
Boston.
1887, JASrAEy.-Nothine in Wall street this month
The short crops and demand fcr produce In Europe
duccd the holders Of grain TO keep back for rise and
-four went up 70 sl1 advance Of thirty per cent
the preceding winter.
FrwrAsy IA great meeting was held IN the Park TO
consider the oppression Of the times aud the high prices
Of food fuel rent, &c After the meeting had adjourned
mob attacked the -four store of Eli Hart Co., in Wash
ngton street and destroyed large quantity Of the stock
Wall street very much unsettled Stocks fat
MARCH 15.News received in New York Of the failure of
the great New Orleans house, Herman, Briggs Co Tor
eight millions
MARCH 16.--Sevcrnl failures at Boston and New or.
leans Tho money pressure becomes IN all the
other cities. Mr.. Webster makes gloomy speech at
Niblo's Saloon
MsRcB 1.-THE erea, banking house of the Joscphs
failed to NEE, their engagements with the banks Wall
street In fcrmen The Jcecphs paper amounts 10 three
millions News of heavy failures IN the South AMI Fast
March 2A-More failures ~ bankers In Baltimore and