A GLANCE over the financial history of the United States, from the close of the Civil War to the panic of 1907, will detect three separate periods. The first, which began in the currency depreciation era of the sixties, ended with specie resumption in 1879. The second continued up to, and a little beyond, the panic of 1893. The third had its beginning in the striking economic phenomena of the last few years of the nineteenth century.
It is my purpose to review the history and examine the underlying influences of all three periods. For dramatic interest, neither of the two earlier periods ranks with the third and last; yet the events between 1897 and 1907 cannot be fully understood except by studying with them the thirty years preceding. It was with the close of the Civil War that