It would be better for our future if the liquidation of the last panic
had been more radical in some cases, notably in land speculation. In
this liquidation has not been thorough, and, as far as these cases
influence the market, it has remained for a long time unsound, and even
now is not fully recovered.
The past twelve months have witnessed a continued settling of old
accounts, and the undertaking of new business, in a limited way, despite
a somewhat uneasy feeling about silver and the now accomplished
Presidential election. But the fact that an analysis of the bank returns
to the Comptroller of the Treasury shows that available resources
(capital, deposits, surplus, and undivided profits), as compared with
demands (loans and discounts), are good and growing, considered in
regard to the other signs indicating prosperity (see Introduction),
justifies the prediction of the steady development of a prosperous
period.
PANIC OF 1893-4.--It was early in 1893 that I wrote the last page of
_A Brief History of Panics in the United States_. Two of the three
checks to business prosperity to which I then referred, virtually
occurred very soon.
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