A Brief History of Panics

A Brief History of Panics

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Title: A Brief History of Panics
Author: Clement Juglar
Release Date: January, 2005 [EBook #7361] [Yes, we are more than
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Edition: 10
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A BRIEF HISTORY OF PANICS AND THEIR PERIODICAL
OCCURRENCE IN THE UNITED STATES
BY CLEMENT JUGLAR
MEMBER OF THE INSTITUTE, VICE-PRESIDENT OF LA
SOCIETE D'ECONOMIE POLITIQUE
THIRD EDITION
TRANSLATED AND EDITED WITH AN INTRODUCTION AND
BROUGHT DOWN FROM 1889 TO DATE
BY DECOURCY W. THOM
FORMER MEMBER OF THE BALTIMORE STOCK EXCHANGE
AND OF THE CONSOLIDATED EXCHANGE OF NEW YORK

TO GOLDEN DAYS
Tonight at "Blakeford," I set down this dedication of the third edition of
this book which has proved to be the pleasant companion of two
visitations--one at "Wakefield Manor," Rappahannock County,
Virginia, in 1891, the other at my old home "Blakeford," Queen Anne's
County, Maryland, in 1915. The memories that entwine it there, and
here mingle in perfect keeping and have made of a dry study something
that stirs anew within me as I consider the work accomplished, my love
and remembrance of the old days, and my love and unforgettingness of
these other golden days under whose spell I have brought the book up
to the present year.
DECOURCY W. THOM.
"BLAKEFORD,"
October 10, 1915.

PREFACE TO THIRD EDITION
The second edition of this study of Panics in the United States brought
us through the year 1891. I originated about one fourth of it.
This third edition brings us practically up to date. Of this edition I
originated about one half. I hope it will prove helpful in many ways. I
trust that it will force an appreciable number of men to realize that
"business" or "financial" panic is not merely fear, as some have
asserted; but is based upon the knowledge that constriction, oppression,
unhappy and radical change in this, that, or the other kind of business
must tend to drag down many others successively, just as a whole line
of bricks standing on end and a few inches apart will fall if an end one
is toppled upon its next neighbor. Indeed, the major cause of "business"
or "financial" panic is just reasoning upon existing conditions rather
than a foolish fear of them. Over-trading and loss of nerve constitute
the medium. Recent national legislation has gone far in enabling the
business world in the United States to prevent panics, and farther yet in
providing the means to cope with them when, in spite of precautions,
they shall recur.
DEC. W. THOM.
"BLAKEFORD,"
October 10, 1915.

A BRIEF HISTORY OF PANICS

INTRODUCTION
COMPRISING A CONDENSATION OF THE THEORY OF PANICS,
BY M. JUGLAR, RENDERED INTO ENGLISH, WITH CERTAIN
ADDITIONAL MATERIAL, BY DECOURCY W. THOM.
In this translation, made with the author's consent, my chief object
being to convey his entire meaning, I have unhesitatingly rendered the
French very freely sometimes, and again very literally. Style has thus
suffered for the sake of clearness and brevity, necessary to secure and
retain the attention of readers of this class of books. This same
conciseness has also been imposed on our author by the inherent
dryness and minuteness of his faithful inquiry into hundreds of figures,
tables showing the condition of banks at the time of various panics, etc.,
etc., essential to his demonstration. As an extreme instance of the

latitude I have sometimes allowed myself, I cite my rendering of the
title: "_Des Crises Commerciales et de Leur Retour Periodique en
France, en Angleterre et aux Etats-Unis_" merely as "Panics and Their
Periodical Occurrence in the United States": for M. Juglar himself
states that a commercial