COMPRISING A CONDENSATION OF THE THEORY OF PANICS, BY M. JUGLAR,
RENDERED INTO ENGLISH, WITH CERTAIN ADDITIONAL MATERIAL,
BY DECOURCY W. THOM.


In this translation, made with the author's consent, my chief object
being to convey his entire meaning, I have unhesitatingly rendered the
French very freely sometimes, and again very literally. Style has thus
suffered for the sake of clearness and brevity, necessary to secure and
retain the attention of readers of this class of books. This same
conciseness has also been imposed on our author by the inherent dryness
and minuteness of his faithful inquiry into hundreds of figures, tables
showing the condition of banks at the time of various panics, etc.,
etc., essential to his demonstration. As an extreme instance of the
latitude I have sometimes allowed myself, I cite my rendering of the
title: "_Des Crises Commerciales et de Leur Retour Periodique en
France, en Angleterre et aux Etats-Unis_" merely as "Panics and Their
Periodical Occurrence in the United States": for M. Juglar himself
states that a commercial panic is always a financial panic, as a falling
away of the metallic reserve indicates its breaking out; and I have only
translated that portion dealing with the United States, deeming the rest
unnecessary, for this amply illustrates and proves the theorem in hand.

To this sketch of the financial history of the United States up to 1889,
when M. Juglar published his second edition, I have added a brief
account to date, including the panic of 1890, the table headed "National
Banks of the United States," and some additions to the other tables
scattered through this book.