THE COMMERCIAL CRISIS OF 1837
[1877-1878]
THE decade from 1830 to 1840 is the most important and interesting in the history of the United States. The political, social, and industrial forces which were in action were grand, and their interaction produced such complicated results, that it is difficult to obtain a just and comprehensive view of their relations and influences. In the first place, the United States advanced between the second war with England and 1830 to a position of full and high standing in the family of nations. The security and stability of the government were accepted as established. England and France, on the other hand, just before and after 1830, were involved in social and political troubles of an alarming kind. By contrast, the United States, with a rapidly increasing population, expanding production and trade, a contented people, and a surplus revenue offered great attractions to both laborers and capital. At the same time the pride of the Americans in their country produced self-reliance, energy, and enterprise which laughed at difficulties. New means of transportation by steamboats and canals were opening up the country and assuring to the population the advantages of a new and unbounded continent. Production therefore offered high returns to both labor and capital.
The advantages of a new country were credited to the political institutions of democracy, and increasing prosperity, due to the fresh resources brought within reach, was held to be proof of the truth of the political dogmas entertained by the workers. A sort of boyish exuberance,
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