William Jones

The Panic of 1819

America’s reliance on cotton as an economic staple presented an opportunity for prosperity and an accompanying risk. In late 1818, the value of cotton fell as supply outpaced demand and “London banks decided there was no longer a need to extend more credit.” Daniel Walker Howe,¬†What Hath God Wrought: Transformation of America, 1815-1848, 142. Then, […]

More