Maryland, in 1915. The memories that entwine it there, and here mingle
in perfect keeping and have made of a dry study something that stirs
anew within me as I consider the work accomplished, my love and
remembrance of the old days, and my love and unforgettingness of these
other golden days under whose spell I have brought the book up to the
present year.

DECOURCY W. THOM.

"BLAKEFORD,"

October 10, 1915.






PREFACE TO THIRD EDITION


The second edition of this study of _Panics in the United States_
brought us through the year 1891. I originated about one fourth of it.

This third edition brings us practically up to date. Of this edition I
originated about one half. I hope it will prove helpful in many ways. I
trust that it will force an appreciable number of men to realize that
"business" or "financial" panic is not merely fear, as some have
asserted; but is based upon the knowledge that constriction, oppression,
unhappy and radical change in this, that, or the other kind of business