A Brief History of Panics and Their Periodical Occurrence in the United States

A historical account likely written in the late 19th century. The work examines the recurring financial panics in the United States, investigating their causes and effects on the economy. The central theme revolves around the socio-economic conditions that precipitate these panics, particularly focusing on elements like overtrading and changes in tariff laws. The opening section of the text features an introduction and prefaces that clarify the author's objectives. DeCourcy W. Thom, who translated and edited the work, reflects on the ongoing relevance of the study, asserting that panics stem from rational reactions to market conditions rather than mere fear. The narrative presents a systematic overview of past financial crises, detailing the circumstances leading to events such as the Panic of 1814 and noting the significant role of banking practices in this context. The author emphasizes that a clear understanding of economic cycles—prosperity, panic, and liquidation—can help predict and effectively manage future crises.