Mises Daily
Author:
Mark Skousen
Online Publish Date:
[ Libertarian Review , August 1975.] Though short-shrifted in most history books, the Panic of 1819 was an unforgettable nightmare for early Americans. Banks throughout the country were unable to make good on customers’ claims for specie and were forced to close their doors. Creditors foreclosed on deeply indebted farmers, city dwellers, and