PANIC OF 1864.--The crisis of 1864 was mixed up in the United States with the War of Secession; it was a political crisis, and is not properly to be considered here. PANIC OF 1873.--During the last two months of 1872 the American market had been very much embarrassed; the lowest rate of discount was 7 per cent., and in December it was quoted at even 1/32 of 1 per cent. or a quarter of 1 per cent. a day! The year 1873 was anxiously awaited in hope of better times. In the middle of January, 1873 the rate of interest declined a little to 6 or 7 per cent., but soon the rate of 1/32 of 1 per cent. per day reappeared and continued until the month of May. In the first days of April the market was in full panic; it grew steadier in the first week of May, and in the month following. It relapsed on September 1st, and requests for accommodation redoubled until the sharpest moment of the panic. On that day there were no quoted rates; money could not be had at any price: some few loans were made at 1-1/2 per cent. per day. This panic broke forth on September 18th, through the failure of Jay Cooke, after a miserable year, during which money was constantly sought for and was held at very high prices in all branches of business. As to the loans for building railroads, they followed one another so rapidly that, from the month of October, 1871, to the month of May, 1873, they could not be placed at a lower rate than 7 per cent. Bankers succumbed beneath the burden of their unsalable issues. This was a grave misfortune for the railroads. In the single year 1873 there were constructed 4,190 miles of railroad in the United States, which, at $29,000 per mile, represented the enormous sum of $121,000,000, and in the last five years $1,700,000,000. The commercial situation was not so bad, and the number of failures did not reach the proportion that might have been feared. After the failure of Jay Cooke came those of Fiske & Hatch, of the Union Trust Company, of the National Trust Company, and of the National Bank of the Commonwealth. On the 20th of September, for the first time, the Stock Exchange in New York City was closed for ten days, during which legal-tender notes were at a premium of 1/4 per cent. to 3 per cent. above certified cheques. On the 18th there was a run on the deposits. Withdrawals continued on the 19th and 20th, especially by the country banks, and the banks' correspondents. No security could be realized upon; and in order to relieve the situation the Secretary of the Treasury bought $13,500,000 of National 5-20 bonds, stating that he could do no more. The New York Stock Exchange was reopened September 30th, without any notable occurrence; but everything was very low. Several other suspensions occurred--for instance, that of Sprague, Claflin, & Co.