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It was so impossible that such a state of things could long continue
that the prospect of revulsion was present to the minds of considerate
men before it actually came. None, however, had correctly anticipated
its severity. A concurrence of circumstances inadequate of themselves to
produce such widespread and calamitous embarrassments tended so greatly
to aggravate them that they can not be overlooked in considering their
history. Among these may be mentioned, as most prominent, the great loss
of capital sustained by our commercial emporium in the fire of December,
1835--a loss the effects of which were underrated at the time because
postponed for a season by the great facilities of credit then existing;
the disturbing effects in our commercial cities of the transfers of
the public moneys required by the deposit law of June, 1836, and the
measures adopted by the foreign creditors of our merchants to reduce
their debts and to withdraw from the United States a large portion of
our specie.


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