[Homer_J_Simpson]

[Continued from October 10 (reply #28).]

October 11, SUNDAY. This week may be epochal. If Tuesday morning’s bank statements shew a large falling-off in deposits and specie, there is no telling what progress in calamity will follow. If the banks make a fair show, we may drag along till the expected reflux of specie from the other side shall have had its tonic effect on our financial nerves. . . .

The Diary of George Templeton Strong, Edited by Allan Nevins and Milton Halsey Thomas

[abb]

https://en.wikipedia.org/wiki/Panic_of_1857

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 interconnectedness of the world economy by the 1850s, the financial crisis that began in late 1857 was the first worldwide economic crisis.[1] In Britain, the Palmerston government circumvented the requirements of the Peel Banking Act of 1844, which required gold and silver reserves to back up the amount of money in circulation. Surfacing news of this circumvention set off the Panic in Britain.[2]

[Homer_J_Simpson]

Continued from October 11 (reply #30).

The Diary of George Templeton Strong, Edited by Allan Nevins and Milton Halsey Thomas