Manual The Panic of 1819: Reactions and Policies

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Financial crises do not appear without a reason. A financial crisis is a consequence of a particular economic situation or as a development of other types of crises.

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Also, such a term is used for describing the aftermath of economic bubbles. The history of financial crises starts with the panic in , which influenced commerce and real estate. If you experience some troubles with your essays for economic or history classes, check this financial crisis essay sample! The author has discussed the panic of the US financial crisis in which led to mass institutional bankruptcy.

This crisis was the first major global financial crisis in the United States, followed by the collapse of the US economy.

Panic of Reactions and Policies, The - Murray Newton Rothbard - Google книги

If you like this topic and plan to write an essay, use this sample as a basis for your future writing. Follow the structure, use information, and look through the works cited list for additional materials. Please resist the temptation to copy this text to your own paper. Check out more definition essay examples on our blog. Also, we recommend to read this economics essay sample about poor cities. The Panic of is one of the biggest financial crises in the US history following its transfer from the colonial to the independent status.

The failure of the Second Bank of the United States SBUS to present its own banknotes followed wide scale farm closures, financial panic, bankruptcies and mass unemployment in This historic event caused an unprecedented urgency of the centralized banking regulation, the creation of protecting tariffs for farmers and the necessity of building long-term business strategies even under the conditions of free trade.

The Cincinnati Inquisitor Advertiser , for example, blamed the catastrophe on a "thirst for acquisition of riches without labor," while the National Advocate complained of "loose and vulgar" young men who "plunge into the extravagance of the times," such that "before they can earn a shilling by honest industry, they expend hundreds. As William Tudor wrote in , the "notion prevails, that a bank is to create wealth like a mine, and that the indefinite multiplication of engraven pieces of paper … is an actual increase of that property, though in reality it diminishes its value.

If increasingly worthless paper money represented both a compromised social order and the compromised status of printed texts, it gave a certain aspect of perilous excess to the country's rapidly expanding publishing industry and mass culture of reading. Since the s, inexpensive sensationalist fiction had been available for purchase or through lending libraries in most American cities, and by , urban printers were sending their wares typically Bibles, devotional works, and cheap American editions of popular British authors to rural markets across the ever-extending frontier.

From to , the total output of American presses grew by 50 percent; and by , post-war affluence saw the emergence of well-stocked bookshops throughout the Atlantic seaboard and into the Ohio Valley. According to Mason Locke Weems, the influential southern book peddler, America in was "a Country of such boundless extent and rapidly growing population … where the passion of Reading is rising with a flood beyond all former notice of Man" fig.

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Bookselling not only rose with the nation's growing economy, its structure and business practices mirrored that of the unstable and illusory financial markets. The increasing availability of credit after the creation of the Bank of the United States in provided much of the capital necessary to print and sell books in what soon became a competitive and risky business. Although booksellers discovered various forms of cooperation to manage such risk in the short term, some of these had the long-term effect of merely disguising it.

For example, they exchanged books with one another in order to diversify their offering and achieve better distribution.

Panic of 1819

But because exchanges gave the false impression of actual sales, this practice quickly led to over-production and, despite rising sales, the inevitable devaluation of too many unsold books. Moreover, in order to raise capital and extend their credit over the long, unpredictable term of a book's market life, they often endorsed or guaranteed each other's promissory notes, in this way creating elaborate networks of mutual dependence. As a result, when one firm became insolvent, it often took several others down with it.

But to make things even worse, many booksellers estimated their net worth based on unsold and devalued inventory rather than on a more realistic accounting of their assets. This meant that, at any given time, it was difficult for a bookseller to know either his own true financial position or that of the firms whose notes he'd endorsed. Thus, by , with many thousands of worthless books circulating as inflated currency, the bankruptcy of a bookseller was a frequent occurrence. Mathew Carey, the leading Philadelphia bookseller, lamented such problems in his Address to the Booksellers of America , and he blamed them chiefly on "delusive and pernicious speculations in extravagantly large editions.

When such editions failed to find their audience, they were often sacrificed at book auctions or sold at "extravagant discounts. As a result of such inefficiencies, a significant portion of booksellers' assets lay "dormant," much of it "not at present worth the price of the paper. Yet overly large editions merely exacerbated what many American writers during the years surrounding the panic saw as the problem of too many authors.

For some, such excess reflected a lack of originality.

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Edward Tyrell Channing's essay, "On Models in Literature," cautioned that if the enormous number of "borrowers and imitators are only encouraged, the swarm will go on thickening. According to Richard Henry Dana's Idle Man , "[B]ooks are multiplying so fast upon us, that they seem, at first sight, to be doing little else than crowding each other out of place. In fact, Worth saw an explicit connection between such "inflations of folly" and those of America's over-extended financial markets.

The period's most explicit fears of literary overproduction, however, were articulated in Irving's Sketch Book. In one sketch, "The Art of Book Making," Geoffrey Crayon's musings on the "extreme fecundity of the press, and how it comes to pass that so many heads, on which nature seemed to have inflicted the curse of barrenness, should teem with voluminous productions" lead him to conjure a phantasmagoric scene of dispossession and revenge. Having wandered into the reading room of the British Museum library, he discovers "many pale, studious personages, poring intently over dusty volumes, rummaging among mouldy manuscripts, and taking copious notes of their contents.

But after musing on the ethics of literary borrowing, he falls asleep and dreams that these authors are "a ragged, thread bare throng" of untutored bumpkins, borrowing the "garments" of classic writers in a ridiculous display of "vulgar elegance" fig. The victims of this literary rapine, a cadre of long-dead authors arrayed in dour portraits on the library walls, then come to life and rise up in a fierce counterrevolution "to claim their rifled property" and chase the plunderers out of the library.

The Panic of 1819 and Early Democratization

Although, like Channing, Irving frames the sketch as a statement about literary originality, as a "getter up of miscellaneous works" himself and well accustomed to borrowing from classic authors, he appears to stage the imagined revolt of the portraits as an unconscious panic about literary overproduction and authorial dispossession.

In another sketch, "The Mutability of Literature," Crayon has an imaginary "colloquy" with a dusty antique volume in Westminster Abbey about the morbid effects of time and social change on books, language, and literary reputation. At first, Crayon calls such mutability "the wise Precaution of Providence" to prevent "the creative powers of genius" from "overstock[ing] the world" and leaving the mind "completely bewildered in … endless mazes of literature. The "inventions of paper and press," he warns, "have made everyone a writer, and enabled every mind to pour itself into print, and diffuse itself over the whole intellectual world.

The consequences are alarming. We can better understand the anxiety about authorship expressed in these sketches if we consider that, as Irving wrote them, he trembled more for himself than for posterity. To write for "mere profit" was, for Irving, an unpleasant necessity.

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Born into New York's commercial class, he had long mixed with his social betters and used his literary talents to claim a genteel place among them fig. But while he enjoyed the limited provincial success of his earlier works, Salmagundi and The History of New York , he was somewhat reluctant to participate in the increasingly unstable market for books and loathe to identify himself as anything but an amateur.

Clinging to his gentlemanly status, he persistently declared that in publishing the Sketch Book he sought only a "scanty but sufficient means of support. Irving's apprehensions about money and status pervade the Sketch Book 's themes of loss and nostalgia too. These are nowhere more apparent than in the sketch about "Roscoe," a destitute banker and forgotten writer whose library is sold at auction to a crowd of "wreckers" and "speculators. As Irving attempts with each sketch to escape from what he called "the common-place realities of the present," he betrays an uneasy yearning for traditional forms of culture in a rapidly changing world.

Perhaps the most ironic by-product of Irving's authorial panic was his invocation of the idea of a pure form of literature, untainted by money, commerce, and changing tastes, one that would allow the public to distinguish the Sketch Book from what Dana snidely referred to as "the trashy works which are daily turned out. Likewise, in "Roscoe," despite the author's sad fate and the volatility of the market, the value of great books remains.


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