Sunday, August 22, 2010

Some Articles on the Panic of 1837


Lawprof Rick Hills has a new post at Prawsblawg that refers the Panic of 1837: Van Buren to Pennsylvania: Drop Dead. The post also contains links to two articles that I found interesting: Arthur A. Ekirch, Jr., Democracy and Laissez Faire: The New York State Constitution of 1846, and Alasdair S. Roberts, "An Ungovernable Anarchy": The United States' Response to Depression and Default, 1837-1848. Both articles are brief (5 and 7 pages respectively) and well worth a look.

Although not its main point, the Roberts article explains the double-whammy nature of the Panic of 1837 - an initial depression that began in May 1837 and eased somewhat in 1838 and 1839, followed by an even deeper downturn that arose out events in 1839 but whose impact was felt beginning in 1840. As I explained in Henry Clay, President, the early timing of the Whig presidential convention - held before the full impact of the second wave of the Panic was felt - probably denied Henry Clay the presidency in 1840.

About the illustration, entitled Specie Claws:
A melodramatic portrayal of the plight of the tradesman during the Panic of 1837, whose financial distress the artist ascribes to Loco Foco politics and the effects of the Specie Circular, or "Specie Clause." Though a product of the Jackson administration, the measure was also associated with the monetary program of Jackson successor and protege Martin Van Buren. Designed to curb inflationary speculation, the circular stipulated that only specie (i.e., gold or silver) be accepted as payment for federal lands. Radical Democrats, or "Loco Focos," of New York supported Van Buren's anti-Bank fiscal policies. The panic depressed the economy for several years, and caused widespread unemployment. A despondent tradesman, or mechanic, sits at a table in his humble dwelling, a copy of radical Democratic newspaper the "New Era" on his lap. On the wall behind him are prints of Jackson and Van Buren. Strewn at his feet are his tools, and his toolbox is empty but for "Loco Foco Pledges." He laments, "I have no money, and cannot get any work." Beside him are his wife and children. His wife, holding an infant, says, "My dear, cannot you contrive to get some food for the children? I don't care for myself." The children speak: "I'm so hungry," "I say Father, can't you get some "Specie Claws?" and "Father can't I have a piece of bread?" The landlord's agents appear at the door with a warrant of "Distraint for Rent." One says, "I say Sam, I wonder where we are to get our Costs." Weitenkampf tentatively dates the cartoon 1838.

10 comments:

  1. Thanks for sharing your ideas and thoughts, i like your blog and bookmark this blog for further use thanks again…



    Tradesman Trailers

    ReplyDelete
  2. Special promotion, apply for a new member, get a free Nobus, a lot of isc888 สล็อต ฟรีเคดิต ไม่ต้องฝาก entrance, invite friends to play, get free welcome every time you sign up for a new member, we are open 24 hours a day, play whenever you want.

    ReplyDelete
  3. ISC888 เปิดให้บริการ เกมพนันออนไลน์ มากมายหลากหลายรูปแบบรวบรวมเกมเดิมพันออนไลน์จากค่ายเกมจากทั่วโลกมากกว่า 200 เกม ด้วยการให้บริการแบบครบวงจร เปิดบริการตลอด 24 ชั่วโมง เปิดบริการมาอย่างยาวนาน มีประสบการณ์ตรงในการให้บริการเว็บเดิมพันออนไลน์หลากหลายรูปแบบ ฝาก-ถอน รวดเร็ว ด้วยระบบที่ทันสมัยที่สุด พร้อมด้วยกิจกรรมและโปรโมชั่น สมัครสมาชิกฟรี คลิ๊กที่นี่ .

    ReplyDelete
  4. Thanks for sharing a great article.
    You are providing wonderful information, it is very useful to us.
    Keep posting like this informative articles.
    Thank you.

    PLEASE VISIT MY WEBSITE TO

    joker123 slot
    joker123 gaming
    slot joker123
    joker123
    joker slot
    joker123 online
    apk joker123
    joker123 apk download
    judi slot joker123

    ReplyDelete
  5. Thanks from Skip Hire Near for sharing this blog post. this blog has detailed information, its much more to learn from your blog post...

    ReplyDelete
  6. The new report by Expert Market Research titled, ‘MENA Maintenance, Repair, and Operations (MRO) Market Size, Share, Price, Analysis, Trends, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the mro market, repair, and operations (MRO) market, assessing the market based on its application, end-use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. The growth of the aviation industry in the Middle East and Africa is being fuelled by an increase in commercial and general aviation passenger traffic. Qatar Airways, Emirates, Middle East Airlines, and other major regional carriers are putting new aircraft orders. The major players in the market are Saudia Aerospace Engineering Industries (SAEI), W.W. Grainger, Inc., AL Mashrik Construction Company, Interline Brands, and Egyptair Maintenance & Engineering Company, among others.

    ReplyDelete
  7. Shop for unique wedding return gift for your special guests with Nandi Gifts and Handicrafts. We offer a wide range of return gifts for wedding reception.

    ReplyDelete

Related Posts with Thumbnails