The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1875-12-10
HARD TIMES,

Harper's Weekly.
HARD TIMES,
Duration Of the Commercial DepresSions Of the
| Present Century.
The panic of 1919, caused by the inlla-
ton of the currency during and succeed
ing the war of 1912, began, properly,
about the first of April, 1919, when the
Bank of the United States set about
putting its affairs in order, and uncover
ed the rottenness of the New York, Phil
f3elphia, and Boston banks. By Au-
gust of that year the business of the
country was prostrated. In the small
city of Philadelphia 20, 900 persons
thronged the streets seeking employ
ment. Thirty trades in that city, which
usually employed 9,572 persons, reduc-
ed their force to about..2, 900. The same
ratio prevailed in New York, Baltimore
and Boston. The depression lasted
through 1919 and 1920 In June, 1921,
a revival of business seemed evident.
BY October there was an unmistakable
movement in that direction, which con-
tinued to develope until December, 1922,
when a reaction took place in manufae-
lures, which reduced prices sharply
amounting on cotton goods to as much
as so per cent.
Business recovered from this and
went ON improving rapidly. The pros
perity was very marked in 1924, and
the year opened very auspiciously.-
England, which had also been suffering
from trade depressions, had recovered,
and everything was going on swimming
ly.
In July, 1925, a reaction took place in
which communicated itself to this coun-
try, and firms went down like card hous-
es The panic eliminated in December,
and the depression lasted through the
year 1926.
In 1928 the revival came, and the
country was again prosperous, and busi-
ness increased rapidly, with but few
temporary stringencies, until the great
est crisis this country ever known was
precipitated upon it in the beginning of
the year 1887. The brunt of the crash
occurred in New York in March, and in
April the whole country was succombed.
The depression continued throughout
1887, but the next year opened favora-
ably. travel revived rapidly, and the
banks generally resumed specie pay
ments in August The year 1889 brought
about a crash in our defective banking
system which wiped out of existence $40
of $50 banks then in existence. This
crippled the industrial interests of the
country somewhat, but the next two
years were comparatively prosperous A
revolution took place in 1Si3 which last
ed the whole year.
In 1S7e the recovery was nearly com
plete: 1916 was still better, and so it
went on, each year apparently more pros
porous than the preceding one until
1851, when there was a panic, the eff
fects of which, however, disappeared by
the following year., and 1855 and 1856
were very prosperous seasons.
The bad outlook for crops, and de-
cline in stochs early in 1851, caused un-
easiness and apprehensions of trouble
which finally came on the 24th of Au-
gust, when the Ohio Life and trust
Company, of Cincinnati failed, with sew
Ell millions of liabilities The Infection
spread; on the 18th and 18th of Sep
tenber the banks of Philadelphia, Wash
ington, Baltimore, and many other cities
suspended. On the 18th of October the
New York banks, with one exception,
suspended, and few days later the
Boston banks did the same.
This marked the climax of the troub-
lie. December IL, the New York banks
resumed specie payment, and other
banks followed one after another. The
revival of business was wonderfully
rapid. BY spring it was well establish
ed, and continued to deveIope until
1Se0, which was the most prosperous of
our ante ware era. The data for the
above statements are mostly obtained
from Professor Samner's History of
the American Currency"
A reeapitulation of the foregoing
shows that the commercial depressions
following the various crisis which have
visited our country have been in dura-
ton as follows:
That of 1919, two years.
That of 1925, a year and a half.
That of 1S43, one year.
That of 1858, six months.
That of 1857, six months.
The tolerable uniformity of the pe-
riods through which each general deprs-
sion iasted-about a year and a half
shows that there is something of rule
which governs these revuls.ea.. 1t
would appear that from eighteen months
to two years ara required for people to
look around, ,straighten up their accounts
pay their Indebtedness and collect what
is owing them.
Reasoning from the analogy observ-
able in these instances, ic is evident that
the period of the commercial stagnation
following the panic of 1878 has run its
full length, and the recovery cannot be
long deferred. We have before shown
reasons for believing that the revival is
now in progress, having set iE some
months ago. Another feature OF the
analogy is that the coming year viii be
unusually prosperous. There seems no
doubt to Us that We are now entering
upon this ere, which will last probably
for another decade or a score of years.
Toledo Blade.
A PROJECT is now on foot to trans
port the house in which Horace Greeley
was born, to the Centennial Exposition.
The house is situated on farm about