
By Elmus Wicker
This is often the 1st significant learn of post-Civil conflict banking panics in nearly a century. the writer has built for the 1st time estimates of financial institution closures and their occurrence in all the 5 separate banking disturbances. the writer additionally reevaluates the function of the hot York Clearing apartment in forestalling a number of panics and explains why it didn't achieve this in 1893 and 1907, concluding that structural defects of the nationwide Banking Act weren't the first reason behind the panics.