| 翻訳と辞書 |
| panic of 1857 ： ウィキペディア英語版 |
panic of 1857
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the interconnectedness of the world economy by the 1850s, the financial crisis that began in late 1857 was the first world-wide economic crisis.〔See the "Preface" contained in the ''Collected Works of Karl Marx and Frederick Engels'' Volume 28 (International Publishers: New York, 1986) p. XIII.〕 In Britain, the Palmerston government circumvented the requirements of the Peel Banking Act of 1844, which required gold and silver reserves to back up the amount of money in circulation. Surfacing news of this circumvention set off the Panic in Britain.〔See note 238 contained in the ''Collected Works of Karl Marx and Frederick Engels'' Volume 12 (International Publishers: New York, 1979) p. 669-670.〕 Beginning in September 1857, the financial downturn did not last long; however, a proper recovery was not seen until the American Civil War. The sinking of the contributed to the panic of 1857, as New York banks were awaiting a much-needed shipment of gold. American banks did not not recover until after the civil war. After the failure of Ohio Life Insurance and Trust Company, the financial panic quickly spread as businesses began to fail, the railroad industry experienced financial declines and hundreds of workers were laid off.〔(【引用サイトリンク】publisher=Dickinson College )〕 Since the years immediately preceding the Panic of 1857 were prosperous, many banks, merchants, and farmers had seized the opportunity to take risks with their investments and as soon as market prices began to fall, they quickly began to experience the effects of financial panic.
==Causes==
In the early 1850s, there was much economic prosperity in the United States. In the beginning of 1857, the European market for goods from western America began to decline, which caused western bankers and investors to become wary. Eastern banks became cautious with their loans to the west and some even refused to accept western bank-issued paper currencies. Prior to 1857, the railroad industry was booming due to large migrations of people to the west, especially in Kansas. With the large influx of people, the railroads became a profitable industry and the banks seized the opportunity and began to provide railroad companies with large loans. However, by the late summer of 1857, the value of western land fell and migration drastically slowed, causing railroad securities to fall in value.
By the spring, "commercial credit had dried up, forcing already debt-ridden merchants of the West to curtail new purchases of inventory." As a result of limited purchasing in the west, merchants around the country began to see decreases in sales and profits.〔Ibid.〕 The railroads "had created an interdependent national economy, and now an economic downturn in the West threatened …() economic crisis."〔 Since many banks had financed the railroads and land purchases, they began to feel the pressures of the falling value of railroad securities. The Illinois Central; Erie; Pittsburgh, Fort Wayne and Chicago; and Reading Railroad lines were all forced to shut down owing to the financial downturn. The Delaware, Lackawanna and Western Railroad and the Fond du Lac Railroad companies were forced to declare bankruptcy.〔 The Boston and Worcester Railroad Company also experienced heavy financial difficulties. The employees were informed, in a memo written in late October 1857, "the receipts from Passengers and Freight have fallen off during () last month (as compared with the corresponding month of last year), over twenty thousand dollars, with very little prospect of any improvement during the coming winter." The company also announced that their workers would receive a "reduction in … pay of ten percent."〔Ibid, 29.〕 In addition to the decreasing value of railroad securities, farmers began to default on payments on their mortgaged lands in the west, which put more financial pressure on banks.〔
Another event prior to the Panic of 1857 was the Supreme Court ruling in Dred Scott v. Sandford in March 1857. After Scott sued for his freedom, Chief Justice Roger Taney ruled that Scott was not a citizen because he was an African American and therefore did not have the right to sue in court. The ruling also made the Missouri Compromise unconstitutional, and it was clear that the decision would have a significant impact on the further development of western territories.〔Ibid, 50.〕 Soon after the ruling, "the political struggle between 'free soil' and slavery in the territories" began. The western territories were now opened to the possibility that slavery might expand into them, and it was quickly evident that this would have drastic financial and political effects. "Kansas land warrants and western railroad securities' prices declined slightly just after the Dred Scott decision in early March."〔 This fluctuation in railroad securities proved "that political news about future territories called the tune in the land and railroad securities markets."〔
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
■ウィキペディアで「panic of 1857」の詳細全文を読む
スポンサード リンク
| 翻訳と辞書 : 翻訳のためのインターネットリソース |
Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.
|
|