Word: panic
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Dates: during 1930-1939
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During the 1907 panic U. S. banks issued $238,000,000 scrip. In New York City it passed as currency for five months, despite its illegality. The great trouble with scrip is the difficulty of transfer from one clearing house district to another between which there is no agreement of confidence. One district's scrip might be at a discount in another district. The Federal Reserve is counted on to facilitate interstate as well as interdistrict exchange but at best scrip is expected to be only a local and temporary relief during the currency shortage...
...pursuit of economic nationalism or aloofness-every nation striving to live unto itself-has proved utterly empty and disastrous. The practice of the half-insane policy of economic isolation during the past ten years by America and the world is the largest single underlying cause of the present world panic. . . . Economic disarmament and military disarmament are patently the two most vital and outstanding factors in business recovery...
Senator Hull on War Debts: "However important they may be, they are not a major cause of the panic nor are they a major remedy. . . . Each important country before seeking separate and preferential consideration of their claims for further [debt] reduction, should first indicate their attitude toward the more fundamental program of tariff cuts...
After his Manhattan silk house went to the wall in the panic of 1837, Lewis Tappan, casting around for a new deal, hit on the idea of selling his knowledge of other people's businesses. His Mercantile Agency grew into the largest credit rating firm in the world. Before the Civil War it was acquired by R. G. Dun who changed the official name to R. G. Dun & Co., The Mercantile Agency. He developed the art of dispassionate snooping & prying during the next 40 years until today R. G. Dara & Co. has nearly 200 offices...
Small, hustling Motorman Willys was an Overland dealer in Elmira, N. Y. when in the 1907 panic the company he represented neared the brink of bankruptcy. He scurried to Indianapolis, put up $350 (hurriedly raised in a saloon) to help meet the payroll. Reorganizing the company with himself as president, treasurer, general manager and purchasing agent, he made Willys-Overland a leader in its field during the next decade. The Industry regards him as its pioneer in instalment selling. But Willys-Overland was overshadowed by the rise of General Motors and Chrysler in the great motor boom...