[...]... Re-exports, on the other hand, totaled $7 million in 18 16, and $17 million the next year, compared to the prewar peak of $60 million 20 The net balance of foreign trade, in sum, was a deficit of $60 million for the fiscal year of 18 15, and of $65 million for the fiscal year 18 16 Agricultural produce accounted for $14 million of the $19 million increase in domestic exports from 18 15 to 18 16 Agricultural... in the fiscal year 18 15 to $52 million in 18 16 Cotton furnished about half of the agricultural exports, and tobacco, wheat, and flour formed the bulk of the remainder Of the exports in 18 15, cotton was $17 .5 million, tobacco was $8 million, and wheat and flour exports totaled $7 million In 18 16, cotton increased to $24 million, and tobacco to $13 million 21 18 For an account of the difficulties of the. .. limited and contracted the loans and note issues of the branches As a result, total demand liabilities of the Bank, including notes, private and public deposits, declined precipitately from $22 million in the fall of 18 18 to $12 million in January, 18 19, and to $10 million by January, 18 20 Of this amount, notes outstanding of the Bank fell from a peak of $10 million in early 18 18, to $8.5 million in the. .. ITS GENESIS $10 million, and the loans were particularly heavy to the important Philadelphia and Baltimore officers and directors of the Bank 26 Control over the branches of the Bank was negligible, and the southern and western branches greatly expanded their credits and note issues The officers of the Baltimore branch, indeed, engaged in outright embezzlement By the beginning of 18 18, the Bank had... circumstances, the Bank of the United States was forced to call a halt to its expansion and launch a painful process of contraction Beginning in the summer of 18 18, the Bank precipitated the Panic of 18 19 by a series of deflationary moves The branches of the Bank were ordered to call on the state banks to redeem heavy balances and notes held by the Bank The requirement that each branch redeem the notes of every... Daughter, 18 16-20 (New York: New York Historical Society, 19 40) I, November 16 , 18 18, 15 4 Also New York Gazette, February 4, 18 18 On a rental and property value boom in other states, U.S Congress, Annals of Congress of the United States, 17 th Congress, 1st Session (18 21- 22), March 12 , 18 22, pp 12 81- 97; Washington (D.C.) National Intelligencer, July 24, 18 19; Thomas Cush ing (ed.), History of Allegheny... number of banks in 18 18 at 500 “Philotheus,” Baltimore Federal Republican, July 9, 18 19 Also Gouge, Journal, pp 223-26; New York Legislature, Senate Journal, 18 19 (January 26, 18 19) , pp 66-70 30 N S B Gras, The Massachusetts First National Bank of Boston, 17 84 -19 34 (Cambridge: Harvard University Press, 19 37), pp 710 -11 27 THE PANIC AND ITS GENESIS 9 A generally uniform currency prevailed throughout the. .. million in the fall of 18 18, less than $5 million by the summer of 18 19, and $3.6 million by January, 18 20 Particularly striking was the decline in the Bank’s public deposits, consisting largely of bank debts accumulated from public land sales They declined from $9 million in the autumn of 18 18 to less than $3 million in January, 18 19 49 Another result of contraction was a large rise in the Bank's specie... pp 45- 51; Delaware General Assembly, Journal of the House of Representatives, 18 19 (January 28), pp 10 4-6; New Hampshire Gazette, August 19 , 18 17; John J Walsh, Early Banks in the District of Columbia, 17 92 -18 18 (Washington, D.C.: Catholic University of America Press, 19 40), pp 49, 80, 82, 12 3 ff., 16 8 Massachusetts banks, in contrast, were able to expand their note issues slightly from 18 18- 21; Gras,... carried by the U.S Post Office, a decline the more remarkable for interrupting a period of rapid secular growth, and despite continuing increase in the number of post offices and miles of post roads Letters carried declined from a peak of 9.6 million in 18 19 to 8.5 million in 18 21 Wesley E Rich, The History of the U.S Post Office to the Year 18 29 (Cambridge: Harvard University Press, 19 24), p 18 3 61 Smith, . Carey and Lea, 18 31) ; and Boston New England Palladium, July 27, 18 19. 4 THE PANIC AND ITS GENESIS bank note issues. The number of banks in the United States rose from 88 in 18 11 to 208 in 18 15,. million in the fall of 18 18 to $12 million in January, 18 19, and to $10 million by January, 18 20. Of this amount, notes outstanding of the Bank fell from a peak of $10 million in early 18 18, to. precipitate. The index of export staples fell from 16 9 in August, 18 18, and 15 8 in November, 18 18, to 77 in June, 18 19. A similar movement occurred in the price of cotton and in the Smith and Cole