On March 4, 1837, a bald man stood under a dome and quietly swore an oath. President Martin Van Buren was more accustomed to hushed innuendo than stentorian oratory. When he addressed the crowd gathered outside the U.S. Capital, he spoke in “a rather low voice.” A correspondent wrote to a newspaper, “The inaugural of the new president was heard by very few.” People standing right in front of him on Washington’s snow-covered streets wondered what the president said. Those involved in the pressurized financial markets of New York, New Orleans, and London shared their curiosity. But when the newspapers reprinted the inaugural address, readers quickly discovered that although the new president uttered the word “confidence” several times, his speech inspired none.

Meanwhile, nearly one thousand miles to the southwest and more than three thousand miles to the east, bankers attempted to accomplish what the president would not. They worked to revive confidence not only by bailing out failing firms but also by keeping the news of their financial maneuvers confidential. Although some of the bankers would succeed in extending credit, they all failed in preventing the spread of rumors. The reprinting of these whispers, unlike the publication of the president’s soft-spoken address, changed history.