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Title Page

THE PANIC OF 1819

REACTIONS AND POLICIES

MURRAY N. ROTHBARD

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ISBN 10: 1-933550-08-2

Preface

PREFACE

The Panic of 1819 was America’s first great economic crisis and depression. For the first time in American history, there was a crisis of nationwide scope that could not simply and directly be attributed to specific dislocations and restrictions—such as a famine or wartime blockades. Neither could it be simply attributed to the machinations or blunders of one man or to one upsetting act of government, which could be cured by removing the offending cause. In such a way had the economic dislocations from 1808–15 been blamed on “Mr. Jefferson’s Embargo” or “Mr.

I. The Panic and Its Genesis: Fluctuations In American Business, 1815–21

I THE PANIC AND ITS GENESIS:
FLUCTUATIONS IN

II. Direct Relief of Debtors

II DIRECT RELIEF

III. State Proposals and Actions for Monetary Expansion

III STATE PROPOSALS AND ACTIONS
FOR MONETARY EXPANSION

Much of the response of the American people to the depression centered on monetary problems. One major group of proposals advocated that governmental measures—federal or state—combat the monetary scarcity. Since the banks were chartered by the states, the supply of money was largely a state problem, and the bulk of the discussion was waged at the state level.

IV. Proposals for National Monetary Expansion

IV PROPOSALS FOR NATIONAL
MONETARY EXPANSION

Since state banks were a state responsibility, the discussion of monetary remedies for the depression took place mainly on a state level. Some people, however, envisioned inconvertible paper currency on a national scale, and put forward proposals to that effect.

V. Restricting Bank Credit: Proposals and Actions

V RESTRICTING BANK CREDIT:

VI. The Movement for a Protective Tariff

VI THE MOVEMENT FOR A

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