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October 1857
Harper's Magazine archives (subscription required) ^ | October 1857

Posted on 10/01/2017 6:53:11 AM PDT by Homer_J_Simpson

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TOPICS: History
KEYWORDS: civilwar
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To: Homer_J_Simpson

Thanks for your work.

5.56mm


21 posted on 10/09/2017 10:51:07 AM PDT by M Kehoe
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To: Homer_J_Simpson

Thanks again for your work. As much as I have read about the Civil War I had not appreciated how much the economic wreckage of the Panic of 1857 figured in the country’s mindset just before the War.


22 posted on 10/09/2017 1:52:29 PM PDT by colorado tanker
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To: colorado tanker; Homer_J_Simpson

“Panic of 1857” is something one vaguely recalls from high school American History, but without any notion of what it actually entailed.


23 posted on 10/09/2017 2:02:33 PM PDT by Tax-chick ("I prefer to think of myself as ... civilized." ~Jonathan Q. Higgins)
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To: Tax-chick
With all the mush the left has stuffed into high school history these days, I doubt the average student even learns the phrase anymore.

"Panic" hardly describes the emotions and economic damage our diarist is recording. And the fact the Panic hit the North hard and the South hardly at all seems to have divided the country even further.

24 posted on 10/09/2017 2:22:09 PM PDT by colorado tanker
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To: colorado tanker
"Panic" hardly describes the emotions and economic damage our diarist is recording.

True, to today's reader the term "financial panic" doesn't seem like a big deal.

25 posted on 10/09/2017 2:42:29 PM PDT by Tax-chick ("I prefer to think of myself as ... civilized." ~Jonathan Q. Higgins)
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To: Tax-chick
I found the story about Mr. Ruggles. It is included in the 33 page biography of Strong that precedes the diary in Volume I. (Current entries are from Volume II.) In 1851 Ruggles hatched a plan to build warehouses in Brooklyn and lease them to the government for $60,000 a year. He borrowed heavily to finance the deal. Dissatisfied creditors refused to renew their notes and Ruggles was ruined. Some wealthy friends helped him get out from under but "he continued to be burdened by debt down to the eve of the Civil War."

I still haven't found any hints about how the Strongs and Ruggles fared in the Panic. Maybe they will appear in George's future entries, which I haven't yet thoroughly read.

26 posted on 10/09/2017 3:05:37 PM PDT by Homer_J_Simpson ("Every nation has the government that it deserves." - Joseph de Maistre (1753-1821))
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To: Homer_J_Simpson

Thanks. I hope he learned something!

Perhaps Mr. Strong will mention experiences of financial distress.


27 posted on 10/09/2017 3:23:12 PM PDT by Tax-chick ("I prefer to think of myself as ... civilized." ~Jonathan Q. Higgins)
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To: chajin; henkster; CougarGA7; BroJoeK; central_va; Larry Lucido; wagglebee; Colonel_Flagg; Amagi; ...
Continued from October 9 (reply #17).

 photo 1010-gts_zpssmqv6wfp.jpg

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

28 posted on 10/10/2017 4:52:07 AM PDT by Homer_J_Simpson ("Every nation has the government that it deserves." - Joseph de Maistre (1753-1821))
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To: Homer_J_Simpson

I notice that he says “buy property at its true value” and “the credit to which they are entitled” as if “value” and “entitled” were Platonic Ideals rather than snapshots of constantly-changing market conditions.

As my late father used to say, “What’s a sick chicken worth? Whatever someone will give you for it!”


29 posted on 10/10/2017 5:28:52 AM PDT by Tax-chick ("I prefer to think of myself as ... civilized." ~Jonathan Q. Higgins)
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To: chajin; henkster; CougarGA7; BroJoeK; central_va; Larry Lucido; wagglebee; Colonel_Flagg; Amagi; ...
[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

30 posted on 10/11/2017 4:55:02 AM PDT by Homer_J_Simpson ("Every nation has the government that it deserves." - Joseph de Maistre (1753-1821))
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To: Homer_J_Simpson

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]


31 posted on 10/11/2017 6:56:18 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: Tax-chick

Way back before there was a CNBC, its predecessor was FNN (Financial News Network). Late 80s, early 90s.

There was this old gent who did commentary, mostly on bonds - Ed Hart. I’ll never forget a discussion he was having with someone about some company’s “worth.” He noted that “worth” was not an accurate term to use - the proper phrase was “presently valued at.” It always changes.


32 posted on 10/11/2017 7:11:54 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: abb

It’s an important economic concept that often lost or flat denied. Artistic “worth,” moral “worth,” and practical “worth” are all concepts we can discuss philosophically or emotionally, but economic worth is what someone will give you, in a free exchange, right now.

The dress I’m wearing was “worth” about $40 when someone bought it new at Dress Barn. When she donated it to The Salvation Army, it was worth zero. When I bought it at The Salvation Army, it was worth $2.50.


33 posted on 10/11/2017 9:30:21 AM PDT by Tax-chick (Truth.)
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To: Tax-chick

Ah, but she got a tax deduction. Think she took the full $40? :-))


34 posted on 10/11/2017 3:49:25 PM PDT by colorado tanker
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To: colorado tanker

I don’t know. I never deduct clothing or hhgs donations. Just getting them out of the house is all the reward I need! I don’t see people wait for a receipt at The Salvation Army drop-off, so I’m guessing many feel like me: Just take the stuff off my hands, please!


35 posted on 10/11/2017 6:18:57 PM PDT by Tax-chick (Truth.)
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To: chajin; henkster; CougarGA7; BroJoeK; central_va; Larry Lucido; wagglebee; Colonel_Flagg; Amagi; ...
Continued from October 11 (reply #30).

 photo 1012-gts_zpszdabexgs.jpg

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

36 posted on 10/12/2017 4:56:06 AM PDT by Homer_J_Simpson ("Every nation has the government that it deserves." - Joseph de Maistre (1753-1821))
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To: Homer_J_Simpson

I hope we don’t have to wait too long to find out the dirt on the professor candidate! And I certainly hope Mr. Strong is not discreet in his diary!


37 posted on 10/12/2017 7:44:34 AM PDT by Tax-chick (Truth.)
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To: chajin; henkster; CougarGA7; BroJoeK; central_va; Larry Lucido; wagglebee; Colonel_Flagg; Amagi; ...
Continued from October 12 (reply #36).

 photo 1013-gts_zpszkaivltu.jpg

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

38 posted on 10/13/2017 5:38:58 AM PDT by Homer_J_Simpson ("Every nation has the government that it deserves." - Joseph de Maistre (1753-1821))
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To: chajin; henkster; CougarGA7; BroJoeK; central_va; Larry Lucido; wagglebee; Colonel_Flagg; Amagi; ...
Continued from October 13 (reply #38).

 photo 1014-gts_zpsvbxgy1xl.jpg

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

39 posted on 10/14/2017 7:05:25 AM PDT by Homer_J_Simpson ("Every nation has the government that it deserves." - Joseph de Maistre (1753-1821))
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To: BlueLancer

Very interesting.


40 posted on 10/14/2017 10:31:49 AM PDT by rdl6989
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