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CHAPTER XIX.. Old-Time Panics.

Fifty Years in Wall Street · Henry Clews — chapter 19 of 151 · ~45 words · public domain

OLD-TIME PANICS.

The Panic of 1837.—How it was Brought About.—The State 175 Banks.—How they Expanded their Loans under Government Patronage.—Speculation was Stimulated and Values Became Inflated.—President Jackson’s “Specie Circular” Precipitates the Panic.—Bank Contractions and Consequent Failures.—Mixing up Business and Politics.—A General Collapse, with Intense Suffering

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