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1915 a Brief History of Panics and Their Periodical Occurrence in the United States

1915 a Brief History of Panics and Their Periodical Occurrence in the United States

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Published by: jake5150 on Jun 25, 2011
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02/09/2014

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A BRIEF HISTORY OF PANICSAND THEIR PERIODICAL OCCURRENCE IN THE UNITED STATESBY CLEMENT JUGLARMEMBER OF THE INSTITUTE, VICE-PRESIDENT OF LA SOCIETED'ECONOMIE POLITIQUETHIRD EDITIONTRANSLATED AND EDITED WITH AN INTRODUCTION ANDBROUGHT DOWN FROM 1889 TO DATEBY DECOURCY W. THOMFORMER MEMBER OF THE BALTIMORE STOCK EXCHANGE AND OF THECONSOLIDATED EXCHANGE OF NEW YORKTO GOLDEN DAYSTonight at "Blakeford," I set down this dedication of the third editionof this book which has proved to be the pleasant companion of twovisitations--one at "Wakefield Manor," Rappahannock County, Virginia, in1891, the other at my old home "Blakeford," Queen Anne's County,Maryland, in 1915. The memories that entwine it there, and here minglein perfect keeping and have made of a dry study something that stirsanew within me as I consider the work accomplished, my love andremembrance of the old days, and my love and unforgettingness of theseother golden days under whose spell I have brought the book up to thepresent year.
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file:///C|/Documents%20and%20Settings/Game%20Drive/My%20Document...Their%20Periodical%20Occurrence%20in%20the%20United%20States.txt
DECOURCY W. THOM."BLAKEFORD,"October 10, 1915.PREFACE TO THIRD EDITIONThe second edition of this study of _Panics in the United States_brought us through the year 1891. I originated about one fourth of it.This third edition brings us practically up to date. Of this edition Ioriginated about one half. I hope it will prove helpful in many ways. Itrust that it will force an appreciable number of men to realize that"business" or "financial" panic is not merely fear, as some haveasserted; but is based upon the knowledge that constriction, oppression,unhappy and radical change in this, that, or the other kind of businessmust tend to drag down many others successively, just as a whole line of bricks standing on end and a few inches apart will fall if an end one istoppled upon its next neighbor. Indeed, the major cause of "business" or"financial" panic is just reasoning upon existing conditions rather thana foolish fear of them. Over-trading and loss of nerve constitute themedium. Recent national legislation has gone far in enabling thebusiness world in the United States to prevent panics, and farther yetin providing the means to cope with them when, in spite of precautions,they shall recur.DEC. W. THOM."BLAKEFORD,"October 10, 1915.
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file:///C|/Documents%20and%20Settings/Game%20Drive/My%20Document...Their%20Periodical%20Occurrence%20in%20the%20United%20States.txt
A BRIEF HISTORY OF PANICSINTRODUCTIONCOMPRISING A CONDENSATION OF THE THEORY OF PANICS, BY M. JUGLAR,RENDERED INTO ENGLISH, WITH CERTAIN ADDITIONAL MATERIAL,BY DECOURCY W. THOM.In this translation, made with the author's consent, my chief objectbeing to convey his entire meaning, I have unhesitatingly rendered theFrench very freely sometimes, and again very literally. Style has thussuffered for the sake of clearness and brevity, necessary to secure andretain the attention of readers of this class of books. This sameconciseness has also been imposed on our author by the inherent drynessand minuteness of his faithful inquiry into hundreds of figures, tablesshowing the condition of banks at the time of various panics, etc.,etc., essential to his demonstration. As an extreme instance of thelatitude I have sometimes allowed myself, I cite my rendering of thetitle: "_Des Crises Commerciales et de Leur Retour Periodique enFrance, en Angleterre et aux Etats-Unis_" merely as "Panics and TheirPeriodical Occurrence in the United States": for M. Juglar himself states that a commercial panic is always a financial panic, as a fallingaway of the metallic reserve indicates its breaking out; and I have onlytranslated that portion dealing with the United States, deeming the restunnecessary, for this amply illustrates and proves the theorem in hand.To this sketch of the financial history of the United States up to 1889,when M. Juglar published his second edition, I have added a brief account to date, including the panic of 1890, the table headed "NationalBanks of the United States," and some additions to the other tablesscattered through this book.From the prefaces to the French editions of 1860 and of 1889, and otherintroductory matter, I have condensed his theory as follows:
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