1795 1796 1797 1798 1799 1800 Prosperity. Internal trade active; land speculation; many new companies formed; foreign trade booms. Banks multiply rapidly. Peace with Algiers; Spanish treaty opens Mississippi. Recession; depression. Financial distress results in many failures and slackening of industrial activity; prosperity continues in South; further large increase in volume of foreign trade. Money very tight; minor panic, spring. John Adams, Federalist, elected President. Little activity in North, continued prosperity in South; falling prices; many failures; foreign trade restricted. Money tight; little speculation; financial panic, autumn. Yellow fever epidemic, Philadelphia, autumn; difficulties with Depression. Continued depression in North with failures; yellow fever causes complete cessation of business in Philadelphia, June to November; prosperity in South; collapse of land speculation; slight increase in exports but further restriction of imports. Money very tight. Difficulties with France result in sea-fights and embargo, June; Alien and Sedition Laws enacted; active recruiting and expansion of army. Revival. Marked improvement in Northern activity; continued prosperity, South; commodity prices high; recovery in foreign trade. Money eases somewhat. Poor harvest. Civil unrest in Pennsylvania; continued diplomatic conflict with France. Prosperity. Further improvement in industry despite many failures; South prosperous; reduced exports and large imports. Rapid advance in security prices. Excellent wheat crop; cotton crop nearly doubles; high wheat price. Jefferson, Republican, elected after tie vote with Burr; government moved to Washington. 1801 1802 1803 1804 1805 1806 Mild prosperity. Quiet expansion in industry; commodity prices very high; big increase in foreign trade. Continued advance in security prices. Wheat price very high; further large increase in cotton crop. Recession. Activity slackens; commodity prices fall precipitately; foreign trade booms but declines after Peace of Amiens, especially imports. Continued advance in security prices. Excellent wheat crop, lower price; continued expansion in cotton yield. Spain closes mouth of Mississippi, October. Mild depression. Dullness prevails; commodity prices very low; foreign trade further reduced. Security prices decline, January, but recover somewhat late in year. Louisiana purchase, April; vigorous campaign against Barbary pirates; yellow fever paralyzes New York City, autumn. Revival. Rapid improvement; development and expansion of industry; commodity prices rise; foreign trade revives. Banking mania begins in New England; severe decline in security prices. Rising wheat price; good cotton yield. Reëlection of Jefferson. Prosperity. Widespread activity; many new companies formed; further advance in commodity prices; foreign trade booms. Banks multiply; rapid extension of paper money circulation; continued decline in security prices. High wheat price; good cotton crop. Barbary pirates finally subdued, June; British blockade New York for inspection of ships. Prosperity. Continued activity; active speculation; slight decline in commodity prices; further expansion in foreign trade. Foreign gold and silver coins made legal tender, April; higher security prices. Decline in price of wheat; good cotton crop. European embargoes threaten foreign trade; non-importation act, April. 1807 1808 1809 1810 1811 Prosperity; recession. Continued activity slackens late in year; marked steady drop in commodity prices; foreign trade reaches peak volume. Recession in security prices. Lower wheat price; poor cotton yield. War with England threatens, summer; England tightens trade restrictions, November; rigid American embargo declared, December, completely checking foreign trade; Aaron Burr's attempt to establish Southern Empire fails; Fulton's Clermont achieves success. Depression. Rigid embargo causes paralysis on coast, gradually spreading inland; severe distress in New England; further sharp decline in commodity prices to low point, third quarter; foreign trade completely checked. Dull security market. Very low wheat price; very poor cotton crop. Madison, Republican, elected. Depression. Continued distress; complete stagnation in New England, some revival elsewhere; many failures; rapid advance of commodity prices, first half-year; foreign trade improves with partial lifting of Embargo, March. Money tight; legality of foreign coins terminated; bank crisis in New England; steady security prices. Rising wheat price; larger cotton crop. Growing opposition causes Non-Intercourse Acts against England and France to replace general embargo, May. Revival. Rapid recovery in North, continued prosperity in South; further rise in commodity prices to peak, December; increase in foreign. trade. Money market stringency; period of rapid expansion of bank note currency begins; security market steady. High wheat price; excellent cotton crop. Moderate prosperity. Increased activity; temporary flurry with closing of United States Bank; declining commodity prices; foreign trade smaller. Money tight; United States Bank closed, March; security prices decline. High wheat price; poor cotton crop. Non-Intercourse Act against Great Britain, March; Tippecanoe victory over Indians, November. 1812 Brief recession; uneven prosperity. 1813 1814 Outbreak of war, June, causes temporary check, followed by moderate activity, less in New England; depression in South; commodity prices low; foreign trade paralyzed. Money very tight; financial distress in New England; rapid extension of bank notes; low security prices boom late in year. Agriculture depressed; high wheat price; very small cotton crop. More stringent embargo, April; war with Great Britain declared, June; English blockade coast; Canadian expedition fails; Madison reëlected. Prosperity. Widespread activity and expansion of manufactures; New England less active; South depressed; extraordinary rise of commodity prices; foreign trade further restricted. Many new banks formed; declining security prices. Agriculture depressed; lower wheat price; small cotton crop. Prosperity, financial distress. Continued activity, little affected by financial difficulties; commodity prices very high; active speculation; South depressed; large imports, no exports. Money tight; bank notes at large discount; suspension of specie payments by banks outside New England, August; further decline in security prices. Agriculture depressed; very small cotton crop. Naval victories; capture and burning of Washington by British, August; peace declared, December. 1815 Prosperity; panic; recession; depression. Increased activity in manufactures checked, March, by flood of imports; distress in New England; recovery in South and West; commodity prices decline from peak, first quarter; continued speculation, especially in land; many failures; renewed activity in foreign trade. Financial chaos, with bank notes at various rates of depreciation; money very tight; further decline in security prices. Agriculture revives, with higher wheat price and enormous cotton crop. Victory at New Orleans, January; war against Algiers, March. 1816 1817 1818 1819 Depression. Manufactures distressed; unemployment and many failures; sharp drop in commodity prices; prosperity in South; rapid sale of public lands; foreign trade active with enormous imports. Temporary ease in money market, summer; continued depreciation of currency; security prices revive; second United States Bank organized, April. Very high wheat price; rapid extension of cotton acreage, large crop. New tariff, spring; Monroe, Republican, elected. Mild depression. Manufactures continue inactive, despite some improvement ascribed to tariff; Southern prosperity maintained; commodity prices steady; active speculation; exports increase and imports decline sharply. Bank of United States opened, January; nominal resumption of specie payments, February; active speculation in Bank stock causes. rapid stock price rise which collapses, September. Extremely high wheat price; large cotton crop. Mild depression. Dullness in manufactures, especially iron and steel industry; many failures; wild land and slave speculation in South causes severe crisis; hard times and distress in South and West; increased. activity in foreign trade. Credit contraction causes widespread financial difficulty; specie payments restricted by United States Bank, August, and suspended by many banks late in year; declining security prices, after United States Bank stock boom, summer. High wheat price; very small cotton crop, high price. Severe depression; financial panic. Further restriction of activity to complete stagnation; speculative purchase of public land extensive, spring; many failures and severe unemployment, last half-year; commodity prices decline rapidly; collapse in real estate values; marked reduction in foreign trade. Financial panic and bank failures, May; money very tight; marked decline in security values. Wheat crop below average, low price; high cotton price despite enormous crop. Purchase of Florida, February; first immigration law passed. |