¹ Cassis, Youssef, “Economic and Financial Crises” in Capitalism: The Reemergence of a Historical Concept, eds. Kocka, Jürgen and van der Linden, Marcel (London: Bloomsbury, 2016), 14–31Google Scholar, quotations p. 23.

² See, for example, Sandage, Scott A., Born Losers: A History of Failure in America (Cambridge, MA: Harvard University Press, 2005)CrossRefGoogle Scholar; Fraser, Steve, Every Man a Speculator: A History of Wall Street in American Life (New York: Harper Collins, 2006)Google Scholar; Zimmerman, David A., Panic! Markets, Crises, and Crowds in American Fiction (Chapel Hill: University of North Carolina Press, 2006)Google Scholar; Kamensky, Jane, The Exchange Artist: A Tale of High-Flying Speculation and America's First Banking Collapse (New York: Viking, 2008)Google Scholar; Hyman, Louis, Debtor Nation: The History of America in Red Ink (Princeton, NJ: Princeton University Press, 2011)Google Scholar; Levy, Jonathan I., Freaks of Fortune: The Emerging World of Capitalism and Risk in America (Cambridge, MA: Harvard University Press, 2012)CrossRefGoogle Scholar; Nelson, Scott R., A Nation of Deadbeats: An Uncommon History of America's Financial Disasters (New York: Knopf, 2012)Google Scholar; and Templin, Mary, Panic Fiction: Women and Antebellum Economic Crisis (Tuscaloosa: University of Alabama Press, 2014)Google Scholar.

³ Jennifer Schuessler, “In History Departments, It's Up with Capitalism,” New York Times, Apr. 6, 2013; Sven Beckert, “The New History of Capitalism,” Capitalism, 235–50; “History of American Capitalism” in American History Now, eds. Foner, Eric and McGirr, Lisa (Philadelphia: Temple University Press, 2011), 314–35: esp. 315, 320, 327–28Google Scholar; Rockman, Seth, “What Makes the History of Capitalism Newsworthy?,” Journal of the Early Republic 34 (2014): 439–66: particularly 447CrossRefGoogle Scholar; Sklansky, Jeffrey, “The Elusive Sovereign: New Intellectual and Social Histories of Capitalism,” Modern Intellectual History 9 (2012): 233–48: 246–47CrossRefGoogle Scholar, and various authors, “Interchange: The History of Capitalism,” Journal of American History 101 (Feb. 2014), 503–36CrossRefGoogle Scholar.

⁴ Akerlof, George A. and Shiller, Robert J., Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism (Princeton, NJ: Princeton University Press, 2009), 177Google Scholar; Reinhart, Carmen M. and Rogoff, Kenneth S., This Time is Different: Eight Centuries of Financial Folly (Princeton, NJ: Princeton University Press, 2009)Google Scholar, ixl.

⁵ Lepler, Jessica M., The Many Panics of 1837: People, Politics, and the Creation of a Transatlantic Financial Crisis (Cambridge, UK: Cambridge University Press, 2013)CrossRefGoogle Scholar.

⁶ Lepler, Jessica M., “‘The News Flew Like Lightning’: Spreading Panic in 1837,” Journal of Cultural Economy 5 (Feb. 2012): 179–95: 180, 191CrossRefGoogle Scholar; Lepler, The Many Panics of 1837, 249.

⁷ Louis Hyman, “Why Write the History of Capitalism?,” Symposium Magazine, July 8, 2013.

⁸ Most notably Kindleberger, Charles and Aliber, Robert Z., Manias, Panics, and Crashes: A History of Financial Crises, 5th ed. (New York: Palgrave MacMillan, 2005 [1978])CrossRefGoogle Scholar; now also Bilginsoy, Cihan, A History of Financial Crises: Dreams and Follies of Expectations (Abingdon, UK: Routledge, 2015)Google Scholar. Another good example is Bruner, Robert F. and Carr, Sean D., The Panic of 1907: Lessons Learned from the Market's Perfect Storm (Hoboken, NJ: Wiley and Sons, 2009)Google Scholar. John Singleton attempts to tackle economic crises by employing a cyclical model usually reserved for natural disasters. Singleton, John, Economic and Natural Disasters since 1900: A Comparative History (Cheltenham, UK: Elgar, 2016)Google Scholar.

⁹ Scholars have given the Panic of 1873 quite a bit of attention. Yet the glaring lack of a monograph leaves older studies indispensable, while the disjunctive relationship of theory and history is clearly visible in the literature. The main works remain Wirth, Max, Geschichte der Handelskrisen, 4th ed. (Frankfurt: Gauerlander, 1890)Google Scholar; and Sprague, Oliver M., History of Crises Under the National Banking System (Washington, DC: National Monetary Commission, 1910)Google Scholar. Some new analysis comes from Wicker, Elmus, Banking Panics of the Gilded Age (Cambridge, UK: Cambridge University Press, 2000)CrossRefGoogle Scholar. Useful summaries are Lucibello, Alan, “Panic of 1873,” Encyclopedia of American Recessions and Depressions, ed. Leab, Daniel J., 2 vols. (Santa Barbara, CA: ABC-CLIO, 2014), i, 227–46Google Scholar; and Wicker, Elmus, “The Banking Panic of 1873,” Routledge Handbook of Modern Economic History, eds. Whaples, Robert and Parker, Randall E. (New York: Routledge, 2012), 15–23Google Scholar. Sobel, Robert, Panic on Wall Street: A History of America's Financial Disasters (London: MacMillan, 1968), 156–93Google Scholar, is a good narrative of events. See most recently Catherine Davies’ Transatlantic Speculations: A Transnational and Comparative History of the Panics of 1873 (Unpublished PhD diss., Free University Berlin, 2014).

¹⁰ Schneirov, Richard, “Thoughts on Periodizing the Gilded Age: Capital Accumulation, Society, and Politics, 1873–1898,” Journal of the Gilded Age and Progressive Era 5 (Mar. 2006): 198–224CrossRefGoogle Scholar.

¹¹ Noyes, Alexander D., The Market Place (New York: Little, Brown, and Co., 1938), 17Google Scholar.

¹² National Bureau of Economic Research, “U.S. Business Cycle Expansions and Contractions,” http://www.nber.org/cycles/cyclesmain.html (accessed Feb. 6, 2018).

¹³ New York Times, July 28, 1874.

¹⁴ Views of Enoch Ensley … on National Finances ([Memphis, TN, 1875?]), 6. The pamphlet is available at the Library Company of Philadelphia.

¹⁵ Perkins, Edwin J., “In the Eye of the Storm: Isaac Seligman and the Panic of 1873,” Business History 56 (July 2014): 1129–42: 1139–40CrossRefGoogle Scholar.

¹⁶ Friedman, Milton and Schwartz, Anna J., A Monetary History of the United States, 1867–1960 (Princeton, NJ: Princeton University Press, 1963), 43–44Google Scholar.

¹⁷ E.g., Commercial and Financial Chronicle, Sept. 20, 1873.

¹⁸ Minsky, Hyman, Stabilizing an Unstable Economy (New Haven, CT: Yale University Press, 1986)Google Scholar; Kindleberger and Aliber, Manias, Panics, and Crashes. For the following, also Pierenkemper, Toni, “Von der Tulpenkrise zum Finanzmarktkollaps: das Allgemeine im Besonderen,” Economic History Yearbook 52 (Jan. 2011): 139–59: 142–44CrossRefGoogle Scholar.

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²⁰ Cf. Shiller, Robert J., Irrational Exuberance, 2nd ed. (Princeton, NJ: Princeton University Press, 2005)Google Scholar.

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²² United States Department of Commerce, Historical Statistics of the United States, Colonial Times to 1970, 2 vols. (Washington, DC: GPO, 1975), ii, 732–33Google Scholar.

²³ Wells, David A. Ames, Recent Economic Changes (New York: D. Appleton, 1898), 5Google Scholar. See also Hodgskin, James B., “The Financial Condition of the United States,” North American Review 108 (1869): 517–41Google Scholar.

²⁴ Juglar, Clement, A Brief History of Panics and Their Periodical Occurrence in the United States, 3rd ed. (London: Putnam's, 1893), 94Google Scholar; Samuel H. Williamson, “Seven Ways to Compute the Relative Value of a U.S. Dollar Amount, 1774 to Present,” MeasuringWorth, 2016, www.measuringworth.com/uscompare/ (accessed Feb. 6, 2018).

²⁵ Historical Statistics of the United States, i, 201.

²⁶ Interest rate data is in Macaulay, Frederick R., The Movements of Interest Rates, Bond Yields and Stock Prices in the United States since 1856 (New York: National Bureau of Economic Research, 1938), app. 142–61Google Scholar.

²⁷ Simon, Matthew, Cyclical Fluctuations and the International Capital Movements of the United States, 1865–1897 (New York: Arno Press, 1978), 162–63Google Scholar.

²⁸ The Nation, Aug. 15, 1872; Commercial and Financial Chronicle, Jan. 10, 1874; White, Railroaded, 47–87.

²⁹ Wilkins, Mira, The History of Foreign Investment in the United States to 1914 (Cambridge, MA: Harvard University Press, 1989), 114–23Google Scholar, and Historical Statistics of the United States, ii, 734; Ripley, Z., Railroads: Finance and Organization (New York: Longman's, Green, 1923), 4–5Google Scholar; Adler, Dorothy R., British Investments in American Railroads 1834–1898 (Charlottesville: University of Virginia Press, 1970), 73–74Google Scholar.

³⁰ Simon, Cyclical Fluctuations, 34; Friedman and Schwartz, Monetary History, 77–78; Davis, Lance and Gallman, Robert E., Evolving Financial Markets and International Capital Flows: Britain, The Americas, and Australia, 1865–1914 (New York: Cambridge University Press, 2000), 249Google Scholar.

³¹ Historical Statistics of the United States, ii, 734; White, Richard, The Republic for Which It Stands: The United States during Reconstruction and the Gilded Age, 1865–1896 (New York: Oxford University Press, 2017), 261Google Scholar.

³² Adler, British Investments, 77–78; Sylla, Richard E., The American Capital Market, 1846–1914 (New York: Arno, 1975), 155–61Google Scholar; Carosso, Vincent P., Investment Banking in America, A History (Cambridge, MA: Harvard University Press, 1970), 15–17Google Scholar. Also see Veenendaal, Augustus J., Slow Train to Paradise: How Dutch Investment Helped Build American Railroads (Palo Alto, CA: Stanford University Press, 1996)Google Scholar. American rail securities listed in London made up nearly 50 percent of British foreign investments in 1873. Jenks, Leland H., Migration of British Capital to 1875 (New York: Knopf, 1927), 426Google Scholar.

³³ Davis and Gallman, Evolving Financial Markets and International Capital Flows, 237–38.

³⁴ Kindleberger, Charles P., “The Panic of 1873,” Crashes and Panics: The Lessons from History, ed. White, Eugene N. (Homewood, IL: Dow Jones-Irwin, 1990), 69–84: 69Google Scholar; also Kindlberger and Aliber, Manias, Panics, and Crashes; Glasner, David, “Crisis of 1873,” Business Cycles and Depressions: An Encyclopedia, eds. Glasner, David and Cooley, Thomas F. (New York: Routledge, 1997), 132–33Google Scholar; Nelson, Scott R., “A Storm of Cheap Goods. New American Commodities and the Panic of 1873,” Journal of the Gilded Age and Progressive Era 10 (Apr. 2011): 447–453CrossRefGoogle Scholar; and Nelson, Nation of Deadbeats. This argument has not found resonance with some scholars; see initially Fels, Rendigs, “American Business Cycles, 1865–1879,” American Economic Review 41 (Mar. 1951): 325–49Google Scholar; and most recently Mixon, Scott, “The Crisis of 1873: Perspectives from Multiple Asset Classes,” Journal of Economic History 68 (Mar. 2008): 722–57CrossRefGoogle Scholar.

³⁵ Kindleberger has accordingly been criticized for simply providing a list of major political and economic events in the years before 1873. See Kindleberger, “Panic of 1873,” 126, 137 (comments by Michael Bordo and Gary Gorton). Bordo and Gorton instead point to increased pressure on the world's gold stock as the root cause of the curtailed availability of credit.

³⁶ Dwayne Winseck, “Submarine Telegraphs, Telegraph News, and the Global Financial Crisis of 1873,” Journal of Cultural Economy 5 (Feb. 2012): 197–212.

³⁷ Davies, Catherine, “Spreading Fear, Communicating Trust: Writing Letters and Telegrams during the Panic of 1873,” History & Technology 32 (Feb. 2016): 159–77Google Scholar.

³⁸ Quoted in Davies, Catherine, “Papierschwindel und Börsenpanik: Der Gründerkrach von 1873 als Globalisierungs phänomen,” Merkur 66 (2012): 1178–85: 1179Google Scholar (own translation).

³⁹ Saum, Lewis, “Phocion Howard Examines the Northern Pacific Railroad, 1873,” Journal of the Gilded Age and Progressive Era 7 (Apr. 2008): 443–51CrossRefGoogle Scholar.

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⁴³ For an overview of the literature on financial contagion stating that “financial ties … provide a fairly clear means by which financial difficulties in one country (or firm) can be transmitted to another” and that even in the absence of “changes in real economic activities … much financial distress can arise more or less immediately from a change in perceptions,” see Kolb, Robert W., “What Is Financial Contagion?,” Financial Contagion: The Viral Threat to the Wealth of Nations, ed. Kolb, Robert W. (New York: Wiley and Sons, 2011), 3–10: 6CrossRefGoogle Scholar, 7. Specific to 1873, see Neal, Larry and Weidenmier, Marc, “Crises in the Global Economy from Tulips to Today: Contagion and Consequences,” Globalization in Historical Perspective, eds. Bordo, Michael D., Taylor, Alan M., and Williamson, Jeffrey G. (Chicago: University of Chicago Press, 2005), 473–514: 485–88, 510–14Google Scholar.

⁴⁴ Friedman and Schwartz, Monetary History, 6–7, 86–87; Commercial and Financial Chronicle, Sept. 20, 1873. For data, see Macaulay, Movements of Interest Rates, app. 145–46.

⁴⁵ Nelson, Nation of Deadbeats, 164; Nelson, “Storm of Cheap Goods,” 149.

⁴⁶ While interest rates rose from 5 to 7 percent in reaction to the Vienna crash, rates fell quickly in July and reached 3 percent in mid-August. As a reaction to the American panic rates climbed to 5 percent by the end of September and continued upward to 9 percent by November 9. Hull Packet, Jan 9, 1874; The Economist, Mar. 14, 1874.

⁴⁷ Quoted in Oberholtzer, Ellis P., Jay Cooke: Financier of the Civil War, 2 vols. (Philadelphia: George Jacobs and Co., 1907), ii, 411–12Google Scholar.

⁴⁸ See, for example, Jay Cooke & Company, New 7–30 gold loan of the Northern Pacific Railroad Co.: Secured by first mortgage on railroad and land grant. Safe! Profitable! Permanent! (Philadelphia: private print, 1870)Google Scholar, available at the Library Company of Philadelphia.

⁴⁹ Cooke, Jay, “A Decade of American Finance,” The North American Review 552 (Nov. 1902): 577–86: 583Google Scholar.

⁵⁰ Oberholtzer, Cooke, ii, 295–378.

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⁵³ See, e.g., St. Paul Daily Pioneer, July 15, 1873; New York Times, July 19, 1873; the quote is from the Railroad Gazette, Aug. 9, 1873. See also Saum, “Northern Pacific.” Negative reports in the Philadelphia Public Ledger likely were sponsored by the Cooke rivals J. P. Morgan and Anthony Drexel (Nelson, Nation of Deadbeats, 166).

⁵⁴ Levy, Freaks of Fortune, 141–43.

⁵⁵ Harper's Weekly, Sept. 6, 1873; see also The Nation, Sept. 11, 1873.

⁵⁶ New York Times, Sept. 14, 1873; the second account is quoted in Chancellor, Edward, Devil Take the Hindmost: A History of Financial Speculation (New York: Farrar, Straus, and Giroux, 1999), 186Google Scholar.

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⁵⁸ New York Tribune, Sept. 19, 1873.

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⁶³ Frank Leslie's Illustrated Newspaper, Oct. 4, 1873; Lepler, Jessica, “Pictures of Panic: Constructing Hard Times in Words and Images,” Common Place 10 (Mar. 2010)Google Scholar.

⁶⁴ Strong, Diary, Sept. 20, 1873.

⁶⁵ Juglar, Brief History of Panics, 94. The average call money rates in Sept. and Oct. 1873 were 61.2% percent and 14.9 percent per annum, up from 4.6 percent in August (Macaulay, Movements of Interest Rates, app. 146).

⁶⁶ Quoted in Brands, Henry W., The Man Who Saved the Union: Ulysses Grant in War and Peace (New York: Doubleday, 2012), 520Google Scholar.

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⁷⁰ Oliver Sprague even says that in 1873 the NYCH was in fact “more powerful than a European central bank” would have been (History of Crises, 90). For the following, Wicker, Banking Panics, 20–21.

⁷¹ Elmus Wicker states a decline in total New York banks’ deposits of $37 million between Sept. 12 and Oct. 13, 1873, and points out Oct. 4 as the banking panic peak when NYCH member banks’ reserves stood at 12.8 percent relative to liabilities (Banking Panics, 29, 33). The Philadelphia Enquirer estimated a withdrawal of $30 million from Sept. 19–21, in New York, Philadelphia, and Washington, DC (Sept. 23, 1873).

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⁷⁵ This anecdote is mentioned by Bruner and Carr, Panic of 1907, 155.

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⁹⁵ Levy, Freaks of Fortune, 147.

⁹⁶ Mihm, Nation of Counterfeiters, 11.

⁹⁷ Olegario, Culture of Credit, 1–11, quotation p. 6.

⁹⁸ Ott, Julia C., When Wall Street Met Main Street: The Quest for an Investors’ Democracy (Cambridge, MA: Harvard University Press, 2011), 2 and passimCrossRefGoogle Scholar. Also see Wiebe, Robert H., The Search for Order, 1877–1920 (New York: Hill and Wang, 1967), 1–43Google Scholar.

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¹⁰⁹ New York Times, Sept. 19, 1873.

¹¹⁰ Strong, Diary, Oct. 27, 1873.

¹¹¹ Cassis, “Economic and Financial Crises,” 23.