Anonymous ID: 88d128 March 15, 2023, 10:13 a.m. No.18512815   🗄️.is 🔗kun   >>2822 >>2857

The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph by Samuel F. Morse in 1844, the Panic of 1857 was the first financial crisis to spread rapidly throughout the United States.


History TRUMP has hinted at.

Anonymous ID: 88d128 March 15, 2023, 10:15 a.m. No.18512822   🗄️.is 🔗kun


The collapse in property prices in 1889 led to a spate of building society failures in 1890. As it became clearer that the fall in property prices was not just a temporary fluctuation, the financial collapse spread to the land banks. As the number of failures and frauds grew, public confidence in financial institutions faltered, spreading the crisis to the institutions at the core of the financial system – banks that issued their own bank notes.


Counting banks as any institution that called itself a bank and solicited public deposits, 54 of the 64 institutions operating in 1891 had closed by mid 1893; 34 of these closed permanently. Defining banks more narrowly, to exclude institutions more akin to building societies, only nine of 28 banks remained open continuously throughout the 1890s. Of the banks that suspended payment, six closed permanently (either failing outright or being taken over). Several of the banks that reopened were later taken over by stronger banks. At the height of the crisis in April and May 1893, the banks that suspended payment accounted for 56 per cent of deposits and 61 per cent of the note issue in the six Australian colonies