The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy.
In Britain, the economic impacts are held partially responsible for public agitation for political reform in the months leading up to the 1867 Reform Act. The crisis led to a sharp rise in unemployment to 8% and a subsequent fall in wages across the country. Similar to the "knife and fork" motives of Chartism in the late 1830s and 1840s, the financial pressure on the British working class led to rising support for greater representation of the people. Groups such as the Reform League saw rapid increases in membership and the organisation spearheaded multiple demonstrations against the political establishment such as the Hyde Park riot of 1866. Ultimately the popular pressure that arose from the banking crisis and the recession that followed can be held partly responsible for the enfranchisement of 1.1 million people as a result of Disraeli's reform bill.[1]
The Panic decimated shipbuilding in London, and the Millwall Iron Works holding company collapsed. Less than 17% of the joint-stock banks formed since 1844 weathered this tumult.[2] The Companies Act 1862 created a financial boom which laid the groundwork for the larger banks of British finance during the latter half of the 19th century.[3]
The primary importance of the expansion of credit was its role in foreign trade. Historians P. J. Cain and A. G. Hopkins note that "gentlemanly capitalism" (a class-conscious form of white-collar work in finance, insurance, shipping and the Empire) was the key to the growth of the Empire and its economic growth beginning in 1850.[4] Historian David Kynaston notes the shift in the discount bills in the 1860s, particularly to finance supplies for the American Civil War,[5] and Richard Roberts describes the 1860s, 1870s and 1880s as the "internationalisation of the discount market".[6]
According to a 2022 study, "countries exposed to bank failures in London immediately exported significantly less and did not recover their lost growth relative to unexposed places. Their market shares within each destination also remained significantly lower for four decades."[7]
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Illinois in the Gilded Age, 1866-1896: The Panic of 1873, 1873-1876
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The Greenback Controversy and Panic of 1873 (HOM 27-A)
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Panic of 1907
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MOOC | The Panic of 1857 | The Civil War and Reconstruction, 1850-1861 | 1.7.7
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The Panic of 1907 and the National Monetary Commission (HOM 30-A)
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)}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar\s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15336118 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15336118 The Panic of 1873 began on September 18 with the failure of the Philadelphia investment house of Jay Cooke. Cooke had played a large role in financing the Union war effort by marketing federal bonds to farmers and workers. After the war, his firm had become the government's agent in financing railroad construction. In the years between the end of the Civil War and the demise of Cooke's firm, railroads laid 35,000 miles of new track in the United States and became the nation's largest employers. Eastern financial markets and railroads grew up together. \par Such businesses required large amounts of invested funds. Cooke raised great sums through bond sales, but individual banks, including smaller institutions, also made large investments in railroads. After the completion of the transcon tinental Union Pacific Railroad in 1869, businessmen and politicians immediately clamored for another, to be called the Northern Pacific. Cooke's firm worked to raise money for this project, but economic conditions had weakened in the years since 1869. Th e Northern Pacific proved less attractive to investors than had the Union Pacific. Many railroads had overbuilt, setting the stage for ruinous competition for freight traffic. Many investors had speculated heavily in railroad securities. \par In September of 18 73 the whole venture came crashing down. Cooke's failure drove panicked banks to demand payment of loans. Investors rushed to sell stocks in order to protect their capital. As stocks on the New York exchanges sunk lower, borrowers had no money with which to pay their debts. Businessmen, many of whom had borrowed money to expand their operations during boom times, released workers. \par In Illinois these economic reverses affected rural and city dwellers alike. Many farmers had borrowed money to expand their ope rations during the Civil War's boom times. But now they faced a deflationary cycle that obliged them to pay debts in dollars that had become much scarcer, and hence more valuable, than they had been at the time of the loan. The result was a greater practi cal debt burden. \par Just as the Panic of 1873 unfolded, Chicagoans had hosted an Inter-State Industrial Exposition to call attention to their rapid rebound from the great fire. But the depression that lasted for the rest of the decade temporarily slowed the c ity's growth. Industrialists and entrepreneurs lost fortunes. One in three workers lacked employment. Many workers had come to Chicago in order to take part in the city's reconstruction. Now many of these recently arrived, single male immigrants walked th e streets as tramps. Others gathered to protest their lot. \par In 1873 Chicagoans, some Germans outraged by Republicans' temperance legislation and some speaking for other, increasingly mobili zed groups of immigrants and workers, elected a People's Party candidate mayor of Chicago and controlled the city council. Native born, evangelical reformers saw the new party as an obstacle to their goal of reforming and uplifting the poor. \par Newly arrived Germans also began to organize a Socialist Party in Chicago and published a German-language newspaper devoted to politics and labor matters. In December of 1873 they organized a march of five thousand unemployed upon City Hall, where they demanded that t h e newly elected People's Party administration either provide public works jobs for the unemployed or force charitable organizations to disburse the remainder of the fire relief funds. As in other large American cities, weeks of demonstrations followed, wh ich the local newspapers compared to the Paris Commune. \par The city administration refused the socialists' demands, arguing that relief would deprive individuals' of their independence and self-respect. Instead, the mayor urged workers to take up self-help. T he socialists' electoral challenge to the People's Party failed, but they had established themselves as a political and intellectual force in Chicago, and would return. \par Despite the hard e conomic times, the United States' western expansion continued unabated. In 1874 the engineer James Eads completed construction of a steel bridge spanning the Mississippi River and providing southern Illinois with greater access to St. Louis markets. In th e same year Joseph Glidden of DeKalb began sale of his barbed wire, which allowed western farmers and ranchers to keep their livestock in (or out of) enclosed pastures and fields. \par As the nation pushed westward, Chicago's business leaders began to feel unea sy about their role in it. Despite eastern capital's large assistance in rebuilding their city, Chicagoans now faced an ultimatum from insurance companies, demanding that the administration significantly reorganize the city in order to address the potenti a l for future fires. The insurance companies demanded a ban on wooden buildings in the city limits, a new building code, reform of the city fire department, removal of lumberyards and other hazardous buildings from the city, and improved water facilities. Facing the grim prospect of trying to build a city without insurance, Chicago's leaders acquiesced to the demands. \par During the depression of the 1870s Chicago's business leaders increasingly came to organize themselves as a political force in opposition to the People's Party. The businessmen formed a Citizens Association of Chicago and took it upon themselves to enact many of the insurance companies' demands beyond the authority of the city government. Private funds paid for the reorganization of the fire d epartment. The Citizens Association also took up the organization of a new militia devoted to dispersing workers' demonstrations in the name of public order. In response, German groups organized their own armed militia. \par In the fall of 1876 the national electorate seemed to return the Democratic Party to the White House. The Radical Republicans' push for a comprehensive Reconstruction of the southern states had long ago fallen into disorganization as many northern whites turned their attention away from the plight of freedmen in the South. In 1872 the Congress had passed an Amnesty Act pardoning many former rebels and allowing them to re-enter politics. In 1874 the Democrats wo n control of the House of Representatives and significantly diminished Republican strength in the Senate. \par In the campaign of 1876 Democrats disputed close election returns in three southern states still controlled by Republican Reconstruction government. T hey suggested that officials in South Carolina, Florida and Louisiana had awarded their states' electoral votes to the Republican candidate Rutherford B. Hayes, when the popular vote had actually supported the Democrat Samuel J. Tilden. Hayes' campaign re lied upon these three states to secure a narrow majority in the electoral college. Without them, Tilden would be president. \par Democrats and Republicans agreed upon a special commission made up of equal members of each party and a Supreme Court Justice. When it became plain that the Justice was deciding all matters in favor of the Republicans, Democrats' protests included talk of another Civil War. In this atmosphere, the parties agreed upon a plan that awarded Hayes the presidency. In return, Republicans agr e ed to remove the remaining federal troops from the southern states, provide political patronage to white southerners, and enact legislation to facilitate southern economic development. 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Bank of England
The Panic of 1866 provides the key event recognising this shift. In the 12 May 1866 issue of The Economist, Walter Bagehot noted that the Bank of England's refusal to lend with Consol bonds as collateral was troubling. The following week he also wrote that this refusal had caused further panic, as well as that the bankers did not consider the Bank of England to be a government agency.
By issuing its letter suspending the Bank Charter Act 1844,[8] however, it revealed its backing by the Government and was "confirming the popular conviction that the Government is behind the Bank, and will help it when wanted".[9]
On 12 May 1866, Bagehot wrote that the panic now meant "a state in which there is confidence in the Bank of England and in nothing but the Bank of England",[10] highlighting the conflict between the Bank's role in maintaining the liquidity of the domestic market and in maintaining its reserves to guarantee convertibility for foreign currency exchange.[11] In a panic, not only did the need to maintain reserves mandated by the Bank Charter Act 1844 lead to hesitation by the Bank, but also the suspension of its requirements confused foreign investors, who believed the Bank had suspended payments, which led to concurrent massive foreign withdrawals.[12]
The Bank of England adopted Bagehot's solution, which was an explicit policy of free offers to lend at high discount rates. This policy rebuilt the Bank's reserves.[13] It also moderated and refined its use of monetary policy to influence capital flows in and out of the United Kingdom.[14][15]
The Bank of England's response to the 1866 financial crisis helped make the sterling pound an international currency.[16]
See also
Further reading
- Baxter, Robert. The Panic of 1866; with its Lessons on the Currency Act. London, Longmans, Green (1866); New York: B. Franklin (1969).
- Elliott, Geoffrey. The Mystery of Overend and Gurney: Adventures in the Victorian Financial Underworld. London, Methuen (2006).
- Kindleberger, Charles P. Historical Economics: Art or Science? University of California Press, 1990, p. 310. [1]
- Kynaston, David (2017). Till Time's Last Sand: A History of the Bank of England, 1694–2013. New York: Bloomsbury. p. 202. ISBN 978-1408868560.
- Scott, Benjamin. A Statistical Vindication of the City of London; or, Fallacies Exploded and Figures Explained. London, Longmans, Green (1867); 3rd edition, 1877.
- Read, Charles (2022). Calming the storms : the carry trade, the banking school and British financial crises since 1825. Cham, Switzerland. ISBN 978-3-031-11914-9. OCLC 1360456914.
{{cite book}}: CS1 maint: location missing publisher (link)
References
- ^ Malcolm Pearce and Geoffrey Stewart, British Political History 1867–1990, published 1992
- ^ George Robb, White-Collar Crime in Modern England: Financial Fraud and Business Morality, 1845–1929 (Cambridge: Cambridge Univ. Press, 1992), p. 71.
- ^ Joshua Gooch, "On Black Friday, 11 May 1866", in BRANCH: Britain, Representation and Nineteenth-Century History, ed. Dino Franco Felluga. Downloaded 23 Feb. 2016, p. 4.
- ^ P. J. Cain and A. G. Hopkins, British Imperialism: Innovation and Expansion, 1688-1890 (New York: Longman, 1993), p. 170.
- ^ David Kynaston, The City of London, A World of Its Own, 1815–1890 (London: Chatto, 1994), p. 225.
- ^ Richard Roberts, "The Bank of England and the City", in The Bank of England: Money, Power and Influence, 1694–1994 (Oxford: Clarendon Press, 1995), p. 159.
- ^ Xu, Chenzi (2022). "Reshaping Global Trade: the Immediate and Long-Run Effects of Bank Failures". Quarterly Journal of Economics. 137 (4): 2107–2161. doi:10.1093/qje/qjac016.
- ^ Suspension of the Bank Charter Act 1844 meant suspending the ratio of note issue in excess of 14 million pounds to gold, an action that typically had more effect on the perception of credit than on note availability.
- ^ W. T. C. King, History of the London Discount Market (london: Frank Cass, 1935), p. 29.
- ^ Walter Bagehot, "What a Panic Is and How It Might Be Mitigated". The Economist, vol. 24, No 1185 (12 May 1866), p.554.
- ^ Gooch, op. cit., p. 5.
- ^ Walter Bagehot, Lombard Street (London: Morgan, 1873), p. 25.
- ^ Gooch, op. cit., p. 5.
- ^ Read, Charles (2022). Calming the storms : the carry trade, the banking school and British financial crises since 1825. Cham, Switzerland. pp. 204–206, 235–238. ISBN 978-3-031-11914-9. OCLC 1360456914.
{{cite book}}: CS1 maint: location missing publisher (link) - ^ Bonamy Price. (1878) Chapters on Practical Political Economy. Kegan Paul. pp. 491-492.
- ^ Flandreau, Marc; Ugolini, Stefano (2014), "The Crisis of 1866", British Financial Crises since 1825, Oxford: Oxford University Press, doi:10.1093/acprof:oso/9780199688661.003.0005, ISBN 978-0-19-968866-1
This page was last edited on 10 February 2024, at 23:15