rises of the
eighteenth century occurred in 1763, 1783, 1793, these dates marking
the close of wars of some magnitude. The crises were not widespread
or general, but were more marked in England, which was at that time
farther developed industrially and in its money economy than other
countries. Likewise, in the nineteenth century, the crises were of
unequal force in various countries, usually being severer in England.
They may be dated 1803, 1825, 1838, 1847, 1857, 1864-66, 1875, 1890,
1900, 1907, and 1914. These were attributed to various causes; that of
1825 to over-trading abroad; that of 1847 to railroad-building; while
that of 1866 followed the severe disturbance of trade in 1864 caused
by the interruption of the cotton trade and commerce by the Civil
War in America. While in many parts of England the crisis of 1864 was
unusually severe, in other countries it was of little moment. Germany,
after several years of great speculative prosperity, had a most
severe crisis in 1875; while France, although prostrated by the war
of 1870-71, losing a large amount of wealth, and paying a thousand
millions of dollars to Germany as a war indemnity, escaped a
commercial crisis almost entirely at that time.

Sec. 5. #American crises.# Since the beginning of the nineteenth century,
the financial connections of the United States with London, the
leading loan market of Europe, have been such that every crisis
in either England or America has extended its effects to the other
country. But the disturbances are so modified by the particular
conditions (of crops, politics, and speculation) that the phenomena
never correspond exactly in time of occurrence, in duration, or in
intensity. The first notable crisis in America occurred about 1817
in the very violent readjustment of trade after the resumption of
commerce with Europe in 1816.[3] In 1837-39 came in quick succession
two crises, not quite distinct from each other, the second similar
to the relapse of a fever patient. The conditions were rapid westward
expansion, over-speculation in lands, reckless state internal
improvements, great issues of state bank notes, and the financial
measures of Andrew Jackson, which included the dissolution of the
Second Bank of the United States in 1836.[4] The crisis of 1857
followed a period of great prosperity marked by rising gold production
and prices and a great increase in foreign trade. The crisis of 1873,
possibly the severest in our history, f