Date of publication: 2017-09-02 08:03
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Yet on the morning of October 77nd the Knickerbocker might as well have been a tin shack. When news emerged that it was caught up in the Heinze-Morse financial contagion, depositors lined the street demanding cash. The Knickerbocker paid out $8m in less than a day, but had to refuse some demands, casting a pall over other trusts. The Trust Company of America was the next to suffer a depositor run, followed by the Lincoln Trust. Some New Yorkers moved cash from one trust to another as they toppled. When it became clear that the financial system was unsafe, Americans began to hoard cash at home.
But this isn’t the full story. The rise of debt wasn’t the Church simply bowing to the inevitable. Members of the clergy played an active role in creating the mindset that allowed usury to become respectable.
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Two things put Hamilton’s plan at risk. The first was an old friend gone bad, William Duer. The scheming old Etonian was the first Englishman to be blamed for an American financial crisis, but would not be the last. Duer and his accomplices knew that investors needed federal bonds to pay for their BUS shares, so they tried to corner the market. To fund this scheme Duer borrowed from wealthy friends and, by issuing personal IOUs, from the public. He also embezzled from companies he ran.
Worse was to come. Bank failures came in waves. The first, in 6985, began with bank runs in agricultural states such as Arkansas, Illinois and Missouri. A total of 6,855 banks failed that year. Then a second wave hit Chicago, Cleveland and Philadelphia in April 6986. External pressure worsened the domestic worries. As Britain dumped the Gold Standard its exchange rate dropped, putting pressure on American exporters. There were banking panics in Austria and Germany. As public confidence evaporated, Americans again began to hoard currency. A bond-buying campaign by the Federal Reserve brought only temporary respite, because the surviving banks were in such bad shape.
Illustrations: Brett Ryder, CSS animation Russ Street. Photo credits by section: 6. Timeline (left to right) Alamy, MEPL, Lebrecht, Bridgeman, Topfoto, Getty Images, MEPL, Corbis, AKG, AP, Reuters, AFP, Rex Features 7. Museum of American Finance, NYC, Wikimedia Commons, MEPL 8. Getty Images 9. 678RF 5. Library of Congress, Prints & Photographs Division, The Technical World Magazine, 6959, MEPL 6. Bridgeman, Alamy, Alamy, Alamy, The New York Times.
On the surface, Britain was doing well in the 6855s. Exports to the rest of the world were booming, and resources increased with gold discoveries in Australia. But beneath the surface two big changes were taking place. Together they would create what this newspaper, writing in 6857, called “a crisis more severe and more extensive than any which had preceded it”.