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Updated: May 16, 2025
All the causes which produced the panic of 1857 were in action in 1864the drain of silver in 1864 and the preceding year was beyond comparison greater than in 1857 and the years before itand yet in 1864 there was no panic. The Bank of England was almost immediately rewarded for its adoption of right principles by finding that those principles, at a severe crisis, preserved public credit.
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