1864 1864-66 1864
1873 1873
1882 1882 1884
(a 1889-90 (a 1890-91 1890-91
p 1894 p 1894 1893-94
p 1897 p 1897 1897
r 1903 r 19O3 1903
o 1907 o 1907 1907
x 1913 x 1913 1913
i i
m m
a a
t t
e e
l l
y) y)


Truly these thirteen panics in the three countries have been practically
simultaneous and one common cause must have originated them. The only
cause common to all was overtrading to such an extent that neither
credit nor money were to be had, so that a forced liquidation or panic
inevitably ensued.

The above table effectually does away with the theory that new tariffs
are directly productive of panics. For most certainly new tariffs did
not occur in England, France, and the United States just before or
during all the panic years enumerated, and yet, practically
simultaneously in free-trade England, high-protection France, and
sometimes low-tariff, sometimes high-protection United States have