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Updated: June 20, 2025
"Yes, but if Uncle Chester is ruined, it's only a drop in the bucket," said Tom. "Well, it's no use crossing your bridges till you come to them," said Jack, "and anyhow, that letter may be only a false alarm. I've heard they get these financial panics in Wall Street just like kids get the measles, and they get over them as quickly." "I trust it will be so in this case," said Tom.
Then the earth rocked, huge economic structures tottered and fell, and much dust arose to obscure the vision of smaller creatures, who were bewildered and terrified. Such disturbances were called "panics," and were blamed by the newspapers on the Democratic party, or on the reformers who had wantonly assailed established institutions.
The number of instances of panic terror in armies is enormous. Panics have taken place in all armies, from that brief campaign in which Abram smote the hosts of the plundering kings, hard by Damascus, to that briefer campaign in which General McDowell did not smite the Secessionists, hard by Washington.
An appearance of order was restored; but the regular distributions were impossible. Famishing wretches, soldiers, and those of the camp-followers who still remained, all rushed upon the provision- stores. Panics also continually increased the tumult. "The Cossacks! There are the Cossacks!" was frequently shouted.
I crumble the bread that remains from my breakfast to attract them by an ampler feast. Their chirpings increase, they bend down their heads, the boldest approach upon the wing, but without daring to alight. Come, come, my sparrows are the victims of one of the foolish panics which make the funds fall at the Bourse! It is plain that birds are not more reasonable than men!
Without this atrocious characteristic, competition would lose its happiest effects; without the arbitrary element in exchange and the panics of the market, labor would not continually build factory against factory, and, not being maintained in such good working order, production would realize none of its marvels.
Consider the wastes incidental to the blind and haphazard production of commodities the factories closed, the workers idle, the goods spoiling in storage; consider the activities of the stock manipulator, the paralyzing of whole industries, the overstimulation of others, for speculative purposes; the assignments and bank failures, the crises and panics, the deserted towns and the starving populations!
They had their financial panics even in Jersey, in the old days. She remembered when Dr. White married your cousin Mary or was it Susan? yes, it was Susan. She remembers that your Uncle Harry brought in an armful of bank-notes, paper money, you know, and threw them in the corner, saying they were no good to anybody.
On the one side a great city opinion a great national opinion, I may say, for the nation has learnt much from many panics requires the directors to keep a large reserve.
That was a nice little business you had there. Your ma built it up herself. There was a woman! Gosh! Discounted her bills, even during the panic." Fanny smiled a reflective little smile. "That line is a complete characterization of my mother. Her life was a series of panics. But she never lost her head. And she always discounted." He held out his hand. "Well, glad I met you."
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