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Panics, Depressions and Economic Crisis Prior to 1930
 
The Panic of 1819
 
Panic and Depression 1832

Panic and Depression 1836

The Panic of 1837

Six Year Depression 1837-1843

The Panic of 1857

Panic and Depression 1869-1871

The Panic of 1873

The Panic of 1893-Financial World

The Panic of 1893-Presidential Papers

The Panic of 1901-Market Fails, Panic Reigns-Part I

The Panic of 1901-Market Fails, Panic Reigns-Part II

The Panic of 1901- At The Stock Exchange

Panic and Depression of 1929

Brief Financial Notes based on 1875-1907

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The name Canandaigua (pronounced Can-an-DAY-gwa) is derived from a Native American word meaning the chosen spot.
 

 

 

 

On October 12, 1837, the issuance of $10,000,000 in Treasury notes is authorized. On May 21, 1838 Congress rescinds the Specie Circular. On July 28, 1841, a bill reestablishing a national bank passes in the Senate by a vote of 26 to 23. On August 6, 1841, the bank bill is approved in the House of Representatives, 128 to 97. On August 13, 1841, The Independent Treasury Act of 1840 is repealed. On August 16, 1841, President Tyler vetoes the bank bill. On August 19, the U.S. Senate fails to override Tyler's veto. On August 23, 1841, by a vote of 125 to 94, the House of Representatives passes a second bank bill providing for the establishment of a national bank under another name. 

On September 3, 1841, The U.S. Senate approves, 27 to 22 the second bank bill. On September 4, 1841, Congress passes the Distribution Preemption Act, which allows settlers to purchase ("preempt") up to 160 acres of public land at $1.25 an acre. In addition, it provides for the distribution of the revenues from land sales among the states. However, the act also stipulates, that distribution will be suspended if the tariff rate exceeds 20 per cent. (A tariff increase in 1842 voids this section of the act.) On September 9, 1841, the second bill to reestablish a national bank is vetoed by President Tyler. The next day this veto is sustained in the Senate. On September 11, 1841, all the members of the Cabinet except Webster, resign because of President Tyler's veto of the bank bills. On September 13, the President makes new Cabinet appointments.

Second Annual Message

During the term of John Tyler while in office as President, April 4, 1841 to March 4, 1845.

Washington, December 6, 1842

To The Senate and House of Representatives of the United States:

Volume: IV Pages: 204-209 (extract)
"Between the years 1833 and 1838 additions were made to bank capital and bank issues, in the form of notes designed for circulation, to an extent enormously great. The question seemed to be not how the best currency could be provided, but in what manner the greatest amount of bank paper could be put in circulation. Thus a vast amount of what was called money, since for the time being it answered the purposes of money, was thrown upon the country, an over-issue which was attended, as a necessary consequence, by an extravagant increase of the prices of all articles of property, the spread of a speculative mania all over the country, and has finally ended in a general indebtedness on the part of States and individuals, the prostration of public and private credit, a depreciation in the market value of real and personal estate, and has left large districts of country almost entirely without any circulating medium. 

In view of the fact that in 1830 the whole bank-note circulation within the United States amounted to but $61,323,898, according to the Treasury statements, and that an addition had been made thereto of the enormous sum of $88,000,000 in seven years (the circulation on the 1st of January, 1837, being stated at $149,185,890), aided by the great facilities afforded in obtaining loans from European capitalists, who were seized with the same speculative mania which prevailed in the United States, and the large importations of funds from abroad, the result of stock sales and loans, no one can be surprised at the apparent but unsubstantial state of prosperity which everywhere prevailed over the land; and as little cause of surprise should be felt at the present prostration of everything and the ruin which has befallen so many of our fellow-citizens in the sudden withdrawal from circulation of so large an amount of bank issues since 1837,exceeding, as is believed, the amount added to the paper currency for a similar period antecedent to 1837.

It ceases to be a matter of astonishment that such extensive shipwreck should have been made of private fortunes or that difficulties should exist in meeting their engagements on the part of the debtor States; apart from which, if there be taken into account the immense losses sustained in the dishonor of numerous banks, it is less a matter of surprise that insolvency should have visited many of our fellow citizens than that so many should have escaped the blighting influences of the times.

In the solemn conviction of these truths and with an ardent desire to meet the pressing necessities of the country, I felt it to be my duty to cause to be submitted to you at the commencement of your last session the plan of an exchequer, the whole power and duty of maintaining which in purity and vigor was to be exercised by the representatives of the people and the States, and therefore virtually by the people themselves. It was proposed to place it under the control and direction of a Treasury board to consist of three commissioners, whose duty it should be to see that the law of its creation was faithfully executed and that the great end of supplying a paper medium of exchange at all times convertible into gold and silver should be attained. 


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