Talk:Panic of 1857

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old talk[edit]

Re Causes, last paragraph

unless I am mistaken, this is not a sentence

However, recent research by Charles Calomiris and Larry Schweikart has suggested that the political fallout of the Dred Scott decision, which threatened to open up all of the western territories to slavery. 17:33, 3 March 2007 (UTC)

I agree that it is not a sentence.

No remedies listed[edit]

Is it just me or are no actual remedies listed underneath "remedies" there are details of failed remedies but no mention of what actually worked. Was it that the lowered tariffs had some effect on the economy? If so, what was it? The author didn't really connect the statements to some point about the panic. ~ User:joel.a.davis 06:20, 30 December 2007

Don't think that there was any single "remedy" whose application single-handedly led to recovery. There was some reining-in of banks at the individual state level, the pendulum of the business cycle began to swing in the other direction, and finally the coming of the civil war had a certain stimulating effect on the Northern economy. AnonMoos (talk) 19:55, 14 March 2008 (UTC)
P.S. According to Allan Nevins, Douglas, Buchanan, and Party Chaos, p. 194 the federal government undertook few direct interventions, other than technical measures to assure that a certain amount of gold kept flowing into the monetary system. The prevailing economic philosophies of the time, and views on the U.S. government's role, meant that relatively few people at the time seriously expected the federal government to do much more... AnonMoos (talk) 06:37, 17 November 2009 (UTC)

Gold discoveries & commodity trading in XIX age[edit]

According to David Morier Evans (The History of the Commercial Crisis, 1857-58), there was an incredible "gold over-flood" in USA & Britain, that caused international commodity futures speculation on high margins: cotton, wheat, sugar & tea futures were traded "on paper" with leverage up to "10:1", that was the case of the Panic (one of the cases, at least), when SS Central America sank in a hurricane with tons of gold.

David Evans, now completely forgotten, was the editor of the Bankers' Magazine printed in London in Victorian Era. His books were digitized by Google some years ago.

Can anyone write about gold over-flood in middle XIX age?

P.S. I don't wanna to use term "inflation", that's not correct, younno. Vugluskr (talk) 09:47, 31 December 2009 (UTC)

Can't help with those details, but in general there was something of a long-term deflationary trend over most of the 19th-century, with various gold discoveries helping to combat this at various times. AnonMoos (talk) 10:28, 31 December 2009 (UTC)
Well, someone should help with the details. Fraud at the Third Podunk Bank of West Ohiowa was not the cause of the general American or specific NY crash and the – currently completely unmentioned – SS CA sinking was. "Hundreds" of workers being laid off in an economy of millions is also hardly newsworthy. — LlywelynII 16:23, 1 December 2011 (UTC)

Re: Causes, first paragraph, last sentence[edit] began to foreclose on their mortgaged lands in the west...

I believe that "foreclose" is what the lending institution does when the borrower "defaults" (fails to pay) on a loan secured by real estate. This portion of the sentence could be revised for clarity... Fumantoo (talk) 23:02, 5 August 2011 (UTC)

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