Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1897-07-31

an average once in seventeen years
and last from one to six years. They
are usually followed by slow recovery,
then by a period of good times, then
by "boom," and the boom usually
brings another collapse from over-spec'
ulation.
There have been eight great panics,
not to mention number of furries.
The PANIC OF 1S19.-Wild specula-
ton and heavy importations of mer-
chandise, particularly from England,
was the cause of this, the first and one
of the worst panics the country has
ever known. The reorganization OF
the United States bank, greatly i'm
proving the facilities for business cred
its, started the speculation. The pay.
ment of some Of the foreign debts and
the large expenditures for Chinese and
Indian goods produced a demand for
specie. The bank took to importing
specie from the West Indies, could not
import it fast enough, collapsed and
its governor fed. This cut the wild
speculation short off, and on the heels
of it all came the end of the war OF
1925 with England, with the conse-
quent removal of the practically pro-
hibitory duties on English goods, which
had caused manufacturing to take a
tremendous leap ahead. When the
foreign products came pouring in the
American factories were swamped.
Prices rose so per cent, exchange on
England went to los and 106, taking
all the gold out of the country, and
land fell in value from 40 to As per
cent. Thousands of people were in
want, families living on 81 a week and
women earning St cents day. 1t
took four years to recover from this
panic.
The PANIC OF 1S37.-There were
only about 100000 people in the
country when the panic of 1919 set in.
At the time of the panic of 1887 the
population was 100000. 1t began
with the failure of Herman Briggs
& Co., a great business house of New
Orleans. This was followed by fall
nres of banks and business firms right
and left all over the country. In New
York city alone, in March and April,
1887, the failures reached the sum OF
500, 100000. The cause of this PANIC
was the same as that of 1S19-wild
speculation and reckless extension of
credits. Reports show 33, 600 failures
and loss of s44O,000,OOO.
THE PANIC OF 1S4S.-This was a
corollary of the panic of 1887. AS
soor as the bottom of that panic was
reached there was general liquida-
ton of debts, followed by an increase
in the number of banks and extension
of credits. A panic in Europe at the
same time precipitated matters, but
the depression was not severe, while
recovery was quck.
THE PANIC OF 1S57.-The discov-
cry of gold in California was at the
root of the financial storm of 1857.
Everybody was filled with the mania
of speculation-crazy to find some
short road to riches. There was reck-
less speculation, enormous expansion
of railroad building, overproduction OF
all manufactured goods and inflated
prices. The Ohio Life and Trust COM
pany of Cincinnati began the dance by
collapsing, with liabilities of 81 900, 900.
1t was an institution enjoying great
public confidence, and its fall dragged
banks, business houses and manufac-
tories down with it in a general ruin.
The rally was quick, although it was
not until 1860 that confidence was re-
stored.
The PANIC OF 1S69.-This in reali-
ty was not a panic-only a furry.
While it lasted it was intense and was
caused by an effort Of Gould and Fisk
to corner the gold market and force
the price up to 1SO, the plot culmina-
ting in the memorable "Black Friday v
THE PANIC OF lS73.-Early in 1878
wise financial pilots began to trim
their sails and prepare for tornado
which was brewing. 1t burst upon
the country on the Sth of September,
when the New York Security and
Warehouse company sank under the
load of Missouri, Kansas and Texas.
Daniel Drew followed FIVE days later
with Canada Southern, and on the
18th of September the grand collapse
came, when the great firm of Jay
Cook s. Co. sank under its burden of
Northern Pacific. Banks, business
houses and factories followed in swift
and bewildering succession. Inflated
currency, large gold exports, excessive
railway building and the reckless land
speculation and booming in the north
west were the causes of this panic. 1t
lasted until the middle of 1877.
The PANIC OF 1SS4.-This panic,
although it lasted but month and a
half, caused a loss of $240, 900, 900,
and was made historical by its asso-
citation with the failure of the firm of
Grant & Ward, with which General
Grant was so unfortunately associated.
THEPANIC OF 1S93.-On the 2Sth of