Excerpt from A Brief History of Panics, and Their Periodical Occurrence, in the United States I. Panics of Circulation, as in 1857, when the steadily increased circulation, which had almost doubled in nine years, had ren. Dered it very easy to grant excessive dis counts and loans, which had thus over stimulated business so that the above relapse occurred; or, we may imagine the converse case, leading to a quicker and even greater disaster: a sudden and pro portionate shrinkage of circulation, which, of course, would have fatally cut down loans and discounts, and so precipitated general ruin. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.