1820

1821

1822

1823

1824

1825

Depression.

Continued distress; many failures; further decline in commodity prices; foreign trade small.

Money continues tight; security prices reach bottom.

Very low wheat price; fair cotton crop, lower price.

Congress passes relief acts for holders of public land; political crisis ends in Missouri Compromise, March; Monroe reëlected.

Depression; revival.

Dull business revives, spring; marked improvement by October; commodity prices reach bottom, second quarter, and then advance; foreign trade depressed, favorable balance.

Money easy; revival of security speculation.

Depression in agriculture; record low wheat price; larger cotton yield, good price.

Revival; mild recession.

Continued improvement to May, when reaction sets in; commodity prices rise to peak, March, and then decline; many failures; unemployment increases; marked increase in imports creates unfavorable balance.

Money tightens, spring; security prices decline.

Higher wheat price; excellent cotton crop, sharp decline in price.
Revival.

Marked improvement in business activity; commodity prices gradually decline; increased exports and smaller imports.

Financial expansion; slump in security prices, summer.
Fair wheat price; cotton crop failure, higher price.
Prosperity.

Widespread activity; excited speculation; commodity prices rise after June; slight increase in foreign trade.

Bank mania; many new banks chartered with large capital flotations; money easy.

Lower wheat price; good cotton crop, very high price.

John Quincy Adams, Republican, elected after close contest; high tariff enacted.

Prosperity; panic; recession.

Continued activity; commodity prices rise with feverish speculation to autumn, when they collapse, especially cotton and wool; activity slackens; severe unemployment late in year; record volume of foreign trade, with favorable balance.

Money tightens severely; panic, July; bank failures; security prices fall sharply.

Declining wheat, price; good cotton crop, very low price.
Erie Canal completed.

1826

1827

1828

1829

1830

1831

Depression; revival.

Dullness in trade and industry; slight revival toward end of year; lower commodity prices; small foreign trade, unfavorable balance. Money very tight; bank failures, April; security market depressed. Very low wheat price; excellent cotton crop, record low price. England forbids United States trade with her colonies.

Moderate prosperity.

Continued improvement in industry; rapid rise of commodity prices; some recovery in foreign trade.

Money eases; revival of speculation.

Low wheat price; poor cotton crop, low price.

United States issues counter-prohibition of trade with British colonies.

Prosperity; recession.

Activity continued, but slackens in summer; credit restriction causes great distress among New England manufacturers; marked decline in commodity prices; further reduction in foreign trade. Money plentiful to May, followed by severe stringency. Fair wheat price; good cotton crop, low price.

Higher tariff enacted, May; Jackson, Democrat, elected; widespread distress in winter.

Depression; revival.

Dullness yields to increased activity, autumn; commodity prices decline further; many failures, first half-year; foreign trade severely depressed.

Money eases after July; security prices decline.
High wheat price; large cotton crop, low price.
Revival in purchase of public land.

Moderate prosperity.

Activity and progress; commodity prices reach low point; export trade revives but imports continue depressed.

Money very easy; President Jackson's message indicates hostility to the United States Bank, December.

Low wheat price; fair cotton crop, very low price.

Difficulties limiting trade with British colonies removed, October.
Prosperity.

Further improvement in business and industry; commodity prices rise; foreign trade booms, especially imports, creating unfavorable balance.

Easy money tightens, October; security prices rise.

Short wheat crop, fair price; good cotton crop, low price.

1832

1833

1834

1835

Moderate prosperity.

Continued activity hampered somewhat by financial strain; further advance in commodity prices; marked increase in export trade.

Money market somewhat tight, ascribed to extensive western loans; Jackson vetoes United States Bank charter renewal, July.

Short wheat crop, fair price; good cotton crop, rising price.

Cholera, summer; Ohio River flood; Black Hawk War; lower tariff enacted, July; Jackson reëlected.

Prosperity; panic; recession.

Activity continues to autumn, then slackens; commercial distress; many failures; unemployment; commodity prices decline; some further increase in foreign trade.

Easier money becomes very tight; panic late in year; security prices decline; Jackson orders public funds distributed among banks, September; extraordinary contraction of credit by United States Bank.

Good crops; lower wheat, higher cotton price.

Further decrease in tariff; active public land dealings.

Mild depression; revival.

Dullness; improvement marked, last quarter; declining commodity prices; great activity in foreign trade, chiefly due to increased cotton exports.

Money very tight, easing slowly; revision of money standard reduces amount of gold in dollar; dull stock market.

Good crops; lower wheat price, marked improvement in cotton market.

Revival; prosperity.

Rapid improvement to great business activity; commodity prices rise rapidly; active speculation, especially in land; railroad construction and foreign trade boom.

Money easier, but tightens late in year; formation of many new banks; lower security prices.

Wheat crop failure, higher price; rapid rise in cotton price despite very large yield.

Seminole War begun; Texan War with Mexico commences; New York City fire, December.

1836

1837

1838

1839

Prosperity.

Great activity; continued land speculation, especially in West and South; further strong rise in commodity prices; foreign trade exceedingly active, especially imports.

Money extremely tight; severe financial strain following Jackson's "Specie Circular", requiring payments to land agents in specie; expiration of United States Bank charter, March, and Pennsylvania charter obtained; national debt paid off.

Wheat shortage, due chiefly to the Hessian fly, very high price; excellent cotton yield, lower price.

Defense of the "Alamo" in Texas; Van Buren, Democrat, elected President.

Prosperity; panic; recession; depression.

Great activity and excited speculation, first quarter, followed by slackening and depression; many failures; unemployment; complete collapse of cotton market, spring; commodity prices decline; foreign trade restricted.

Money very tight; panic begins, March, in New Orleans; worst in New York, May; general suspension of specie payments, high gold premium; over six hundred bank failures.

Good wheat crop, lower price; record cotton crop, low price.
Canadian insurrection receives much American sympathy.

Depression; slight revival.

Stagnation gradually yields to improvement and increased activity, summer; commodity prices reach bottom and rise; many failures early in year; further decline in foreign trade.

Money eases; gradual resumption of specie payments by banks begins, May.

Fair wheat crop, lower price; poor cotton yield, high price.
Canadian raids necessitate statement of neutrality.

Revival; panic; recession.

Continued improvement; revival of land speculation early in year; rapid decline to depression, autumn; many failures; commodity prices collapse after rapid rise; recovery in foreign trade.

Further resumption led by United States Bank, January; money market tightens to panic and bank failures, October; specie payments again suspended, except New England and New York, last quarter. Excellent wheat harvest, record cotton crop; prices collapse. War with England over boundary threatened, January.

1840

1841

1842

1843

1844

Depression.

Stagnation; commodity prices decline rapidly; revival of export trade, very small imports, favorable balance.

Continued financial strain, especially in West; slowly easing money market; gold at premium; Sub-Treasury Bill passed; declining security prices.

Large wheat, fair cotton crop; stronger prices.

Harrison, Whig, elected.

Depression.

Dullness; commodity prices decline; many failures; improved imports and smaller exports cause return to unfavorable balance.

Money easier; attempt to open the Bank of the United States and make resumption general fails, February; many bank failures in West; Sub-Treasury scheme annulled; declining security prices, especially last quarter.

Good wheat, poor cotton crop; higher wheat price, lower cotton.
Tyler, Democrat, becomes President upon death of Harrison.
Depression.

Continued dullness; many failures, spring; marked decline in commodity prices, especially last half-year; foreign trade small.

Tight money eases; specie payments resumed in eastern cities, March; bank failures numerous; slower resumption with panics in interior, especially New Orleans, spring; securities reach bottom, February, and rise rapidly, second quarter.

Abundant crops, especially cotton; very low prices.

High tariff passed, August; Dorr's rebellion; Seminole War ended.
Depression; revival.

Inactivity gradually yields to improvement, summer, except in South; commodity prices reach low point and improve, autumn; excellent exports, small import trade.

Money easy; active speculation, security prices advancing to July. Good cereal crops, especially corn; poor cotton yield; very low wheat price.

Revival; prosperity.

Continued improvement in manufacturing; prices of manufactured products rise, foodstuffs decline; cotton speculation appears; revived imports, exports dull.

Easy money tightens temporarily, February and August; further rise in security prices, spring; stock exchange panic after election. Agriculture depressed; poor wheat and corn, excellent oats and cotton crops; severe fall in prices of agricultural commodities. Polk, Democrat, elected President.