The Diary of George Templeton Strong, Edited by Allan Nevins and Milton Halsey Thomas
Posted on 10/01/2017 6:53:11 AM PDT by Homer_J_Simpson
Thanks for your work.
5.56mm
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.
“Panic of 1857” is something one vaguely recalls from high school American History, but without any notion of what it actually entailed.
"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.
True, to today's reader the term "financial panic" doesn't seem like a big deal.
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.
Thanks. I hope he learned something!
Perhaps Mr. Strong will mention experiences of financial distress.
The Diary of George Templeton Strong, Edited by Allan Nevins and Milton Halsey Thomas
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!”
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
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]
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.
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.
Ah, but she got a tax deduction. Think she took the full $40? :-))
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!
The Diary of George Templeton Strong, Edited by Allan Nevins and Milton Halsey Thomas
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!
The Diary of George Templeton Strong, Edited by Allan Nevins and Milton Halsey Thomas
The Diary of George Templeton Strong, Edited by Allan Nevins and Milton Halsey Thomas
Very interesting.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.