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The Panic of 1819 was the first major peacetime financial crisis in the United States〔Ammon, 1971, p. 462, Parsons, 2009, p. 56〕 followed by a general collapse of the American economy persisting through 1821.〔Rothbard, 1962, p. 1, Wilentz, 2008, p. 205-206, p. 207, p. 217, Hofstadter, 1948, p. 50〕〔http://mises.org/rothbard/panic1819.pdf〕 The Panic announced the transition of the nation from its colonial commercial status with Europe〔Dangerfield, 1965, p. 89, Parsons, 2009, p. 59〕 toward a dynamic economy, increasingly characterized by the financial and industrial imperatives of ''laissez-faire'' capitalism.〔Hammond, 1956, p. 10, Hammond, 1957, p. 365〕 Though driven by global market adjustments in the aftermath of the Napoleonic Wars,〔Ammon, 1971, p. 462, Wilentz, 2008, p. 206, p. 215, Dangerfield, 1965, p. 12-13, p. 86〕 the severity of the downturn was compounded by excessive speculation in public lands,〔Rothbard, 1962, p. 12, Dangerfield, 1965, p. 82, p. 84, p. 86〕 fueled by the unrestrained issue of paper money from banks and business concerns.〔Malone, 1960, p. 416-417, Wilentz, 2008, p. 206, Dangerfield, 1965, p. 87〕 The Second Bank of the United States (BUS), itself deeply enmeshed in these inflationary practices,〔Malone, 1960, p. 416, Dangerfield, 1965, p. 12-13, p. 86, Wilentz, 2008, p. 206-207〕 sought to compensate for its laxness in regulating the state bank credit market by initiating a sharp curtailment in loans by its western branches, beginning in 1818.〔Ammon, 1971, p. 465, p. 466, Dangerfield, 1965, p. 82-83〕 Failing to provide metallic currency when presented with their own bank notes by the BUS, the state-chartered banks began foreclosing on the heavily mortgaged farms and business properties they had financed.〔Malone, 1960, p. 416-417, Hofstadter, 1948, p. 50〕 The ensuing financial panic, in conjunction with a sudden recovery in European agricultural production in 1817〔Parsons, 2009, p. 59, Ammon, 1991, online source〕 led to widespread bankruptcies and mass unemployment.〔Wilentz, 2008, p. 208, p. 216, Dangerfield, 1965, p. 82, p. 84, p. 85〕 The financial disaster and depression provoked popular resentment against banking and business enterprise,〔Hammond, 1957, p. 274, p. 275-276, Dangerfield, 1965, p. 89-90〕 and a general belief that federal government economic policy was fundamentally flawed.〔Wilentz, 2008, p. 251-252〕 Americans, many for the first time, became politically engaged so as to defend their local economic interests.〔Hofstadter, 1948, p. 51, Malone, 1960, p. 417-418〕 The New Republicans and their American System 〔Schlesinger, 1945, p. 35〕 – tariff protection, internal improvements, and the BUS – were exposed to sharp criticism, eliciting a vigorous defense.〔Parsons, 2009, p. 58, p. 60〕 This widespread discontent would be mobilized by Democratic-Republicans in alliance with Old Republicans, and a return to the Jeffersonian principles of limited government, strict construction of the Constitution, and Southern preeminence.〔Schlesinger, 1945, p.115, Ammon, 1971, p. 465〕 The Panic of 1819 marked the end of the Era of Good Feelings〔Malone, 1960, p. 416, Dangerfield, 1965, p. 3〕 and the rise of Jacksonian nationalism.〔Dangerfield, 1965, p. 88-89, p. 103, Meyers, 1953, p. 15, Remini, 1981, p. 100〕 ==Post-war European Readjustments and the American Economy: 1815 - 1818== The United States and Great Britain signed the Treaty of Ghent on December 24, 1814, ending the War of 1812.〔Dangerfield, 1952, p. 89〕 The British government effectively relinquished its mercantilist policies towards the United States, preparing the way for the development of free trade and the opening of America’s vast western frontier.〔Dangerfield, 1965, p. 32-33, p. 90-91, p. 88-89〕 Europe was undergoing a period of disorganization as it readjusted to peacetime production and commerce in the aftermath of the Napoleonic Wars. The general effect was a decline in prices throughout the Western world, due to a scarcity of metallic sources of currency (i.e. gold and silver).〔Dangerfield, 1952, p. 176〕 Britain had advanced its industrial capacity to fully meet its wartime demands, but post-war continental Europe was temporarily too devastated to absorb Britain’s surplus manufactured goods. Moreover, European agriculture production, exhausted by years of warfare, was unable to feed its own population.〔 The economy of the United States was not immune to the chaos that afflicted Europe, and therein lay the roots of the Panic of 1819.〔Dangerfield, 1952, p. 176, Dangerfield, 1965, p. 12〕 American manufacturers faced US markets swamped with British products, produced by low-paid workers and priced well below competitive rates and forcing many factories out of business.〔Parsons, 2009, p. 58, Ammons, 1971, p. 462〕 Continental Europe, its agrarian output crippled by the recent war, offered new markets for American staple crops, particularly cotton, wheat, corn and tobacco.〔Parsons, 2009, p. 59, Dangerfield, 1965, p. 13, p. 73-74〕 As prices soared for agricultural goods, a speculative agrarian land boom ensued in the South and West United States,〔Wilentz, 2008, p. 206〕 encouraged by liberal terms for government public land sales.〔Malone, 1960, p. 416, Dangerfield, 1952, p. 179〕 “The entire postwar American economy” observed historian George Dangerfield was “based on a land boom”. The inflationary bubble grew from 1815 to 1818, obscuring the general deflationary trends in world prices.〔Dangerfield, 1952, p. 176, p. 179〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Panic of 1819」の詳細全文を読む スポンサード リンク
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