A Brief History of Panics | Page 6

| | ,- 1842 1,283,602 7,375,356 1842 {Imposed higher duties. | | + 1843 841,474 3,763,073 | | | 1844 1,438,574 6,759,488 | | '- 1845 1,195,230 5,398,593 | | ,- 1846 2,289,476 11,668,669 ,- Imposed lower | | | 1847 4,382,496 26,133,811 | duties and these | | | 1848 2,119,393 13,194,109 1846 | were not for | | | 1849 2,108,013 11,280,582 + Protection purposes, | | | 1850 1,385,448 7,098,570 | they were simply | 1848 | + 1851 2,202,335 10,524,331 '- for Revenue. | | | 1852 2,799,339 11,869,143 | | | 1853 2,920,918 14,783,394 ,- Reduced Tariff | | | 1854 4,022,386 27,701,444 | rates on above | | | 1855 1,204,540 10,896,908 1857 + plan because of | | '- 1856 3,510,626 29,275,148 | redundant | | ,- 1857 3,712,053 25,882,316 '- prosperity. | 1857 | + 1858 3,512,169 19,328,884 | | '- 1859 2,431,824 14,433,591 ,- War Tariff | | | protection restored | | ,- 1860 2,611,596 15,448,507 1860 + as compensation for | 1864 | '- 1861 4,323,756 24,645,849 | Internal Revenue | | '- taxes. | | | | 1862 As above.......... | | 1862 4,882,033 27,534,677 1864 As above.......... | | 1863 4,390,055 28,366,069 | | ,- 1864 3,557,347 25,588,249 | | | 1865 2,641,298 27,507,084 | | | 1866 2,183,050 18,396,686 | | + 1867 1,300,106 12,803,775 | | | 1868 2,076,423 20,887,798 | | | 1869 2,431,873 18,813,865 ,- 10% reduction, but | | | 1870 3,463,333 21,169,593 | coffee and tea put | | '- 1871 3,653,841 24,093,184 1872 + on Free List and | | ,- 1872 2,514,535 17,955,684 | whiskey and tobacco | 1873 | | 1873 2,562,086 19,381,664 '- taxes reduced. | | | 1874 4,094,094 29,258,094 | | | 1875 3,973,128 23,712,440 1875 ,- 10% reduction | | | 1876 3,935,512 24,433,470 '- above repealed. | | + 1877 3,343,665 21,663,947 | | | 1878 3,947,333 25,695,721 | | | 1879 5,629,714 29,567,713 | | | 1880 6,011,419 35,333,197 ,- Duties really raised | | | 1881 7,945,786 45,047,257 | on class of goods | | '- 1882 5,915,686 36,375,055 | most used, but | | ,- 1883 9,205,664 54,824,459 | apparently lowered | 1884 | | 1884 9,152,260 51,139,695 1883 + the tariff, for | | | 1885 10,648,145 52,146,336 | it considerably | | + 1886 8,179,241 38,443,955 | reduced rates on | | | 1887 11,518,449 51,950,082 | many little used | | | 1888 11,963,574 54,777,710 '- classes of goods. | | '- 1889 9,374,803 45,296,485 | | 1890 ,- McKinley Bill | | ,- 1890 12,231,711 57,036,168 '- average of 60% duty. | | '- 1891 11,344,304 54,705,616 | | 1892 15,196,769 75,362,283 ,- Free silver | | | and sudden | | 1893 16,620,339 75,494,347 1893 + ill-distributed | | 1894 16,859,533 69,271,770 -94 | and drastic tariff | | 1895 15,268,892 51,651,928 | reductions and | | 1896 14,620,864 52,025,217 '- insufficient revenue.| | | | 1897 14,569,545 55,914,347 1897 ,- | | 1898 15,349,943 69,263,718 | Tariff | | 1899 18,485,690 73,093,870 | disturbance | | 1900 18,699,194 67,760,886 | to | | 1901 18,650,979 69,459,296 | higher | | 1902 17,759,203 65,661,974 1903 | rates. | | 1903 19,716,203 73,756,404 | | | 1904 16,699,432 68,894,836 + The | | 1905 8,826,335 40,176,136 | propaganda | | 1906 13,919,048 59,106,869 1907 | for | | 1907 15,584,667 62,175,397 | keener | | 1908 13,937,247 64,170,508 | regulation | | 1909 10,521,161 51,157,366 | of | | 1910 9,040,987 47,621,467 | business. | | 1911 10,129,435 49,386,946 '- | | 1912 11,006,487 50,999,797 | | 1913 ,- Tariff reductions to | | 1913 11,394,805 53,171,537 | produce a revenue; | | 1914 12,768,073 62,391,503 | not on a protective | | + basis. The further | | | regulating of | | | business. | | '- The "World War." | | ------------------------------+---------+--------------------------------]
The retarding or precipitating influence of a good or bad condition of agriculture upon the advent of a panic is also indicated.
The symptoms of approaching panic, generally patent to every one, are wonderful prosperity as indicated by very numerous enterprises and schemes of all sorts, by a rise in the price of all commodities, of land, of houses, etc., etc., by an active request for workmen, a rise in salaries, a lowering of interest, by the gullibility of the public, by a general taste for speculating in order to grow rich at once, by a growing luxury leading to excessive expenditures, a very large amount of discounts and loans and bank notes [Footnote: Our recent banking history has proved rather an exception to this law as far as bank notes are concerned, because of the obviously unusual cause of sudden and enormous