TAILIEUCHUNG - THE PANIC OF 1819 Reactions and Policies phần 2

Không, nó có thể được chỉ đơn giản là do các mưu hoặc sai lầm ngớ ngẩn của một người đàn ông hoặc một hành động khó chịu của chính phủ, mà có thể được chữa khỏi bằng cách loại bỏ nguyên nhân gây ra vi phạm. Bằng cách như vậy đã lệch kinh tế từ 1808-15 được đổ lỗi cho | THE PANIC AND ITS GENESIS 17 Unemployment also swelled the ranks of the paupers during the By 1821 the depression had begun to clear and the economy was launched on a slow road to recovery. The painful process of debt liquidation was over and the equally painful process of monetary contraction had The surviving banks their notes returned to par successfully expanded credit. The Bank of the United States saved from imminent failure was at last in a sound position. Its branches were again able to redeem each others notes and were now more firmly under strong central control. The premium on Spanish silver dollars over Bank notes dropped in June 1819 from 4 percent to less than 2 percent and par was restored by April 1820. In states such as Kentucky or Tennessee however there was no general return to par and redeemability for several more years. 70 Business in Britain and continental Europe was also past the trough of depression and American exports began to recover both in prices and in total values. Prices in general which had continued sluggish after the steep decline in 1819 began a slow rise. Export staples at Charleston reaching 77 in June 1819 fell to a trough of 64 in April 1821 then slowly rose from that point on. In the same month a trough was reached by cotton prices domestic commodities at Philadelphia agricultural commodities and industrial commodities and each rose very slowly thereafter. Import prices however continued to fall slightly or remain at a stable level. 71 Credit began to be available and new securities to be heavily subscribed both at home and in the British market. Business and manufacturing activity began to rise again. 72 67 See the report of a Committee of Citizens of Philadelphia headed by Condy Raguet in Niles Weekly Register XVII October 23 1819 116 also . Congress American State Papers Finance III 641 Matthew Carey Essays in Political Economy Philadelphia Carey and Lea 1822 pp 319-20 Niles .

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