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200p

The Panic Of 1837

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The_times_panic_1837.jpg

http://en.wikipedia.org/wiki/Panic_of_1837

If you look closely;

"To Let"

"All Bonds must be paid in Specie" (thats gold and silver)

"No specie payments payments made here" At the bank - they probably hold more IOUS than specie. There is a crowd outside the bank.

The Sherriffs office has a crowd outside - so there is a lot of crime and trouble

"Highest price paid for old rags" -Cash4clothes today

There is a crowd outside the pawnbrokers, likewise we have seen them multiply with people selling items and scraping by on payday loans

Sovereigns at $5.50

"Grand Scheme $60,000!" Some sort of get rich scam on a poster

"Malfactory" "Closed for the present" - some factory that is closed for business

----

There are more, and it is an interesting picture of the past.

Edited by 200p

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You missed off the most poignant.

"All those who trade on borrowed Capital, should break. Perish credit, perish commerce. Our suffering is intolerable"

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Good spot. Perish credit commerce - my history in that time period is lacking, I'll be back later with some research. For now they are stamped on coins tokens at the time. Not a lot of information with the results on Google. What is the significance?

Edited by 200p

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Good spot. Perish credit commerce - my history in that time period is lacking, I'll be back later with some research. For now they are stamped on coins tokens at the time. Not a lot of information with the results on Google. What is the significance?

They were hard times tokens

http://en.wikipedia.org/wiki/Hard_times_token

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But the panic of 1837 (in the US) is exactly what many HPCers would like to see happen in the UK now.

It's already happening, surely. That cartoon paints a very good picture of the UK as I see it today - roaring bubble market and poverty absolutely everywhere.

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It's already happening, surely. That cartoon paints a very good picture of the UK as I see it today - roaring bubble market and poverty absolutely everywhere.

But we don't have food banks (modern day alms houses), we have a welfare st . . . oh, I see what you mean.

Edited by 1929crash

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Interesting pic - a good find.

Bottom left - Note under head of woman on floor reads: "6 cents: Good for six cents payable in liquor at my store". The store owner printing his own money and backing it with liquor?

Woman with hand out to fat cat banker who has a folder with "Bonds and mortgages" written on it.

Lawyers office "Peter Pillage - attorney at law - notary public"

Why does it appear that not a single thing since then has really changed?

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Interesting pic - a good find.

Why does it appear that not a single thing since then has really changed?

Because 'they' are executing the same plan over and over?

More likely it's just human nature: greed, promises, credit, entrepreneurialism, fraud, BUT the people who benefit the most are likely the same now as then. The finanicers at the top.

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A brother of Jane Austen's was involved with a bank that went bust, and lost a lot of money.

There is also an incident in a novel of Mrs Gaskell's - a naive old dear whose 'clever' dead sister had invested their all in a particular bank - seeing someone else"s five pound note being refused in a shop because of flying rumours, and exchanging it for five gold sovereigns of her own. She could not believe the rumours and was left with virtually nothing to live on. I dare say the incident was culled from some real old dear's calamity at the time.

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Description

A commentary on the depressed state of the American economy, particularly in New York, during the financial panic of 1837. Again, the blame is laid on the treasury policies of Andrew Jackson, whose hat, spectacles, and clay pipe with the word "Glory" appear in the sky overhead. Clay illustrates some of the effects of the depression in a fanciful street scene, with emphasis on the plight of the working class. A panorama of offices, rooming houses, and shops reflects the hard times. The Customs House, carrying a sign "All Bonds must be paid in Specie," is idle. In contrast, the Mechanics Bank next door, which displays a sign "No specie payments made here," is mobbed by frantic customers. Principal figures are (from left to right): a mother with infant (sprawled on a straw mat), an intoxicated Bowery tough, a militiaman (seated, smoking), a banker or landlord encountering a begging widow with child, a barefoot sailor, a driver or husbandman, a Scotch mason (seated on the ground), and a carpenter. These are in contrast to the prosperous attorney "Peter Pillage," who is collected by an elegant carriage at the far right. In the background are a river, Bridewell debtors prison, and an almshouse. A punctured balloon marked "Safety Fund" falls from the sky. The print was issued in July 1837. A flag flying on the left has the sarcastic words, "July 4th 1837 61st Anniversary of our Independence."
Some people do well in hard times.
Edited by 200p

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