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Two nations, the
most commercial in the world, enjoying but recently the highest degree
of apparent prosperity and maintaining with each other the closest
relations, are suddenly, in a time of profound peace and without any
great national disaster, arrested in their career and plunged into a
state of embarrassment and distress. In both countries we have witnessed
the same redundancy of paper money and other facilities of credit;
the same spirit of speculation; the same partial successes; the same
difficulties and reverses, and at length nearly the same overwhelming
catastrophe. The most material difference between the results in the
two countries has only been that with us there has also occurred an
extensive derangement in the fiscal affairs of the Federal and State
Governments, occasioned by the suspension of specie payments by the
banks.
The history of these causes and effects in Great Britain and the United
States is substantially the history of the revulsion in all other
commercial countries.


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