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America's First Great DepressionEconomic Crisis and Political Disorder after the Panic of 1837$

Alasdair Roberts

Print publication date: 2012

Print ISBN-13: 9780801450334

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801450334.001.0001

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Title Pages

Title Pages

Source:
America's First Great Depression
Publisher:
Cornell University Press

(p.v) The Americans make immense progress in productive industry, because they all devote themselves to it at once; and for this same reason they are exposed to very unexpected and formidable embarrassments. … Their commercial affairs are affected by such various and complex causes that it is impossible to foresee what difficulties may arise. … At the least shock given to business all private fortunes are put in jeopardy at the same time, and the State is shaken.

The return of these commercial panics is an endemic disease of the democratic nations of our age.

—Alexis de Tocqueville, 1835

(p.vi)