Great info, Greek.
There is a common thread however: Bank credit by way of fractional reserve banking. Banks are technically insolvent and this is where booms, financial panics and depressions originate. Even when paper notes were required to have backing of specie, bankers routinely issued in excess of their reserves, causing bank runs. Picture a wagon full of specie being delivered to bank after bank, ahead of the bank examiner. It may be a blip on the screen today but it’s the same unstable, leveraged banking system that allows for all the subsequent abuse to occur.
What appeared to be prosperity from 1813-1818 was nothing but a bubble that resulted from inflationary war finance. It was unsustainable. And the panic of 1819 was the result. The Second Bank of the United States, authorized to issue note, had fueled land speculation. (from Panic of 1819 by Rothbard)
The panic of 1837 was also a culmination of expanding banks and bank credit and bank runs. The bankers were expanding credit with or without a central bank, which only served to coordinate the credit expansion and to a wider area. So was the bank panic of the 1920s that turned into a great depression by Hoover’s economic policies.
