Panic Of 1837 Quotes

Americans built a culture of speculation unique in its abandon,” writes the historian Joshua Rothman in his book Flush Times and Fever Dreams. That culture would drive cotton production up to the Civil War, and it has been a defining characteristic of American capitalism ever since. It is the culture of acquiring wealth without work, growing at all costs, and abusing the powerless. It is the culture that brought us catastrophic downturns, like the Panic of 1837, the stock market crash of 1929, and the recession of 2008.

The internal slave trade became the largest enterprise in the South outside of the plantation itself, and probably the most advanced in its employment of modern transportation, finance, and publicity. It developed its own language: prime hands, bucks, breeding wenches, and fancy girls. Its routes, running counter to the freedom trails that fugitive slaves followed north, were similarly dotted by safe houses - pens, jails, and yards that provided resting places for slave traders as well as temporary warehouses for slaves. In all, the slave trade, with its hubs and regional centers, its spurs and circuits, reached into every cranny of southern society. Few southerners, white or black, were untouched. In the half century following the War of 1812, planters and traders expanded and rationalized the transcontinental transfer of slaves. During the second decade of the nineteenth century, traders and owners sent an estimated 120,000 slaves from the seaboard to the west, with the states and territories of Georgia, Tennessee, Alabama, and Louisiana being the largest recipients. That number increased substantially during the following decade and yet again during the 1830s, when slave traders and migrating planters uprooted almost 300,000 black men, women, and children. By this time, though most of the slaves still derived from the Upper South - particularly Maryland and Virginia - their destination had moved further west. Alabama and Mississippi had become the largest recipients, with each receiving nearly 100,000 slaves during the 1830s. The Panic of 1837 and the subsequent decline in cotton and sugar production deflated the price of slaves and the trade slackened for a few years. But prices soon revived and with them the demand for slaves. Nearly one quarter of a million slaves left the seaboard for the interior during the 1850s, with more than half being taken west of the Mississippi River. The 'mania for buying negroes' easily overwhelmed periodic bans against slave importation and did not cease until the arrival of Union troops.

We Bevels have lived through numerous crises, panics and recessions: 1807, 1837, 1873, 1884, 1893, 1907, 1920, 1929.

Do yourself a favor and run down the list of businesses started during depressions or economic crises. Fortune magazine (ninety days after the market crash of 1929) FedEx (oil crisis of 1973) UPS (Panic of 1907) Walt Disney Company (After eleven months of smooth operation, the twelfth was the market crash of 1929.) Hewlett-Packard (Great Depression, 1935) Charles Schwab (market crash of 1974–75) Standard Oil (Rockefeller bought out his partners in what became Standard Oil and took over in February 1865, the final year of the Civil War.) Coors (Depression of 1873) Costco (recession in the late 1970s) Revlon (Great Depression, 1932) General Motors (Panic of 1907) Procter & Gamble (Panic of 1837) United Airlines (1929) Microsoft (recession in 1973–75) LinkedIn (2002, post–dot-com bubble) For the most part, these businesses had little awareness they were in some historically significant depression. Why? Because the founders were too busy existing in the present—actually dealing with the situation at hand.

The structure of politics followed naturally from the structure of the economy.

The economic crisis seemed to have taught them a lesson: that liberty without discipline was a formula for ruin.

Charles’s childhood coincided with America’s first great depression, the Panic of 1837, which lasted a Biblical seven years. A newspaper out of Albany, the Knickerbocker, reported in 1837 that “there never was a time like this,” with “rumor after rumor of riot, insurrection, and tumult.”26 Banks collapsed, and unemployment climbed to 25 percent. Factories along the eastern seaboard were shuttered, and soup kitchens opened in major cities. Two out of three New Yorkers were said to be without means of support. Eight states defaulted on loans. In his literary magazine, Horace Greeley made the first of his famous entreaties to pull up stakes: “Fly, scatter through the country, go to the Great West, anything rather than remain here.”27