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Panic of 1796-1797

    The '''Panic of 1797''' was a depression of the commerce markets that began in the Bank of England in 1797 and had developing disflationary repurcussions in the financial commercial and real estate markets of the coastal United States and the Caribbean through the turn of the century By 1800 the crisis resulted in the imprisonment of many American debtors including the famed financier of the revolution Robert Morris resulting in the US Congress passing the Bankruptcy Act of 1800 which was the first American bankruptcy law

    See also

    • Great Depression

    External Links and references

    • Chew Richard S. Certain Victims of an International Contagion: The Panic of 1797 and the Hard Times of the Late 1790s in Baltimore December 2005; Journal of the Early Republic[1]
    • History of bankruptcy from the Law Offices of Amy E. Clark Kleinpeter
    • Wheelock David C. Price stability and financial stability: the historical record 9/1/1998 Federal Reserve Bank of St. Louis Review [2]