Panic of 1797

Panic of 1797

The Panic of 1797 was a depression of the commerce markets that began in the Bank of England in 1797 and had developing disflationary repercussions in the financial, commercial, and real estate markets of the coastal United States and the Caribbean through the turn of the century. Britain's economy was hurt, as Britain was fighting France in the French Revolutionary Wars. By 1800, the crisis had resulted in the imprisonment of many American debtors including the famed financier of the revolution Robert Morris, resulting in the U.S. Congress passing the Bankruptcy Act of 1800, which basically ended this panic; the Bankruptcy Act of 1800 would later be repealled after its three-year duration expired in 1803. [ [http://eh.net/bookreviews/library/0740 Republic of Debtors: Bankruptcy in the Age of American Independence | Book Reviews | EH.Net ] ]

ee also

*Great Depression

Further reading

*cite journal |last=Chew |first=Richard S. |authorlink= |coauthors= |year=2005 |month= |title=Certain Victims of an International Contagion: The Panic of 1797 and the Hard Times of the Late 1790s in Baltimore |journal=Journal of the Early Republic |volume=25 |issue=4 |pages= |id= |url=http://muse.jhu.edu/journals/journal_of_the_early_republic/v025/25.4chew.pdf |accessdate= |quote=|doi=10.1353/jer.2005.0069
* [http://www.amykleinpeter.com/history History of bankruptcy] from the Law Offices of Amy E. Clark Kleinpeter.
*Wheelock, David C. "Price stability and financial stability: the historical record." 9/1/1998 Federal Reserve Bank of St. Louis Review. [http://www.encyclopedia.com/doc/1G1-53436087.html]

References


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