Sec. 5. #American crises.# Since the beginning of the nineteenth century, the financial connections of the United States with London, the leading loan market of Europe, have been such that every crisis in either England or America has extended its effects to the other country.  But the disturbances are so modified by the particular conditions (of crops, politics, and speculation) that the phenomena never correspond exactly in time of occurrence, in duration, or in intensity.  The first notable crisis in America occurred about 1817 in the very violent readjustment of trade after the resumption of commerce with Europe in 1816.[3] In 1837-39 came in quick succession two crises, not quite distinct from each other, the second similar to the relapse of a fever patient.  The conditions were rapid westward expansion, over-speculation in lands, reckless state internal improvements, great issues of state bank notes, and the financial measures of Andrew Jackson, which included the dissolution of the Second Bank of the United States in 1836.[4] The crisis of 1857 followed a period of great prosperity marked by rising gold production and prices and a great increase in foreign trade.  The crisis of 1873, possibly the severest in our history, followed great speculation, especially in the direction of railroad building on an unexampled scale after the war.  The blow, when it fell, was intensified by the relative contraction of currency then in progress, leading to the return to a specie basis and lower prices.[5] The crisis of 1884, a comparatively slight one, occasioned (rather than caused) by the discussion of the money question, was followed by some years of noticeable depression.  The years 1889 to 1892 witnessed prosperity, only slightly interrupted in 1890, that culminated in a crisis in May, 1893 (likewise generally explained as due to the unsettled state of our monetary system), followed by a period of great depression lasting until 1897.  A rapid growth of business was checked but little in 1900 when a crisis occurred in Europe, especially severe in Germany.  In November, 1902, began in America what has been called “the rich man’s panic” of 1903 in which for a year many securities were sold by holders because European creditors were recalling their loans.  American business, however, slackened but little, altho building operations were somewhat checked.  General prices, which had been moving upward since 1897, remained almost unchanged in 1903 and 1904, and then continued going upward until 1907.  In the period from September to November of that year occurred a severe crisis both in Europe and in America.  The industrial depression following this was marked in 1908, slowly growing less.  The crisis at the outbreak of the war in August, 1914, was quite exceptional, being due to the sudden demand of Europe upon New York for funds.  Within a couple of months it was over and soon prices were again rising as the result of large exports of merchandise followed by gold imports.