510 REVIEWS — THE CANADIAN ALMANAC. 



for itself, tlie reviewer is somewhat puzzled to say more. It is no 

 slight commendation to say, that what it thus sets forth on its own 

 account is no empty boast ; but its careful digest of multifarious 

 information is better suited for reference and consultation, than for 

 extracting. One subject, however, of universal interest at present^ 

 is treated here in a style that invites, as well as admits of quotation, 

 and that is the financial crisis of 1857-8. The recurrence of such 

 panics at nearly regular intervals of eight or ten years for a century 

 past, has naturally attracted the attention of political economists, 

 and led to many attempts at solving the causes, and thereby discover- 

 ing the cure for an evil, which involves so much suffering, and renders 

 the progress of the world's trade and commerce so intermittent and 

 uncertain. The writer, in the present instance, wisely deals with 

 the evil historically, rather than theoretically, though ; as it will be 

 seen, with a reasonable freedom in the use of figures of speech, as 

 well as figures of arithmetic : 



"The crisis of ISSY fell like a 'thunderbolt' on the commercial world. The 

 mania for speedy riches had so blinded the public mind, that the dangers which 

 were accumulating on every side, were unperceived or uneared for, till our whole 

 commercial and monetary systems were involved in one common chaos, from which 

 they are only yet slowly emerging. 



"Scarcely had the abundant harvest of the South and West been secured, when 

 the failure of a large banking establishment in Ohio with its principal agency in 

 New York alarmed the public mind. On the 24:th of August, 1857, the Ohio Life 

 and Trust Company closed its doors. The connection of this large Institution with 

 other minor concerns soon brought these to a stand, and the alarm, aided and in- 

 creased by the Electric Telegraph, soon became general. A feeling of universal 

 insecurity created a desire to realize, and the best securilias depreciated in value. 

 Those step children, called Bank notes, which are never welcome to the paternal 

 roof, flocked home in thousands, like unwelcome visitors at the most inopportune 

 moment. Discounts were contracted, and merchants, manufacturers and business 

 men generally who had large payments to make,, yielded to the pressure. Stocks 

 fell to an unprecedentedly low figure, and exchange became unsaleable. The loss of 

 confidence so essential to commercial activity became after all the great cause of 

 nine-tenths of the evils resulting from the crisis. Houses of undoubted standing 

 were looked upon with distrust. Ample means was no security against failure. 

 The Banker looked upon the merchant's paper with suspicion, and the merchant 

 looked upon the Bank notes with equal distrust. The poorer classes surrounded 

 the Banks, and in their eagerness to save themselves from loss, withdrew the 

 precious metals, an act which was speedily to deprive them of their daily bread. 

 Deprived of the basis of their circulation the Banks curtailed their discounts, work- 

 shops and factories were closed, and thousands of industrious workmen in the 

 principal cities of the United States were thrown out of employment. Meantime 



