PANICS.—THEIR CAUSES.—HOW FAR PREVENTABLE.
Not Accidental Freaks of the Market.—We are Still a 157
Nation of Pioneers.—The Question of Panics Peculiarly
American.—Violent Oscillations in Trade Owing to the
Great Mass of New and Immature
Undertakings.—Uncertainty about the Intrinsic Value
of Properties.—Sudden Shrinkage of Railroad
Properties a Fruitful Cause of Panics.—Risks and
Panics Inseparable from Pioneering Enterprise.—We are
Becoming Less Dependent on the Money Markets of
Europe.—In Panics much Depends upon the Prudence and
Self-control of the Money-Lenders.—The Law which
Compels a Reserve Fund in the National Banks is at
Certain Crises a Provocative of Panics.—George I.
Seney.—John C. Eno.—Ferdinand Ward.—The Clearing
House as a Preventive of Panics