Days Gone By - stories from the past

Perhaps this is why many people left Alabama in 1837

Many people left Alabama for greener pastures during this financial panic. (continued below)


FLUSH TIMES

IN

ALABAMA

(transcribed from History of Alabama and Dictionary of Alabama Biography  by Thomas McAdory Owen)

financial alaFlush times in Alabama is a phrase descriptive of a period of the State history, covering approximately the five years ending with 1837. “The Flush Times of Alabama and Mississippi” is the subject of a series of fascinating and graphic sketches by Joseph G. Baldwin, an early settler of the State, distinguished as a lawyer both in Alabama and in California.

Many causes contributed to inflated conditions

Of that era he says: “And what history of that halcyon period, ranging from the year of Grace, 1835 to 1837; that golden era when shin-plasters were the sole currency; when bank bills were as thick ‘as Autumn leaves in Vallombrosa’; and credit was a franchise” —and the vivid pictures of men and scenes in his pages admirably illustrate the conditions depicted in the extract given.

Many causes contributed to bring about inflated conditions, the result of which could only end in disaster. At that period there was a general atmosphere of unrest throughout the entire country. The population of every section was in a state of flux. The ambition to better conditions not only obtained with young men but also animated men of families, who were prompted by the feeling that a change merited a better outlook for their children. Many men, too, had been failures in their old homes, and change was necessary for them if they were ever to accomplish anything in life. The removal of the Indians and the consequent enlargement of the public domain stimulated migration to Alabama, so that new communities were made overnight. The land was virgin and productive. Bountiful harvests rewarded even limited labors. Good prices were paid for all products.

See best-selling books by Donna R Causey

State banks went under

A State bank had been established in 1823, and from 1833 to 1836 branches were located in Montgomery, Mobile and Huntsville. These institutions were intended to furnish money to the people, and its apparent profits were employed to meet the expenses of the State, but the bank management, dependent upon legislative favor, became involved in the politics of the day. The profits of the banks were such as to prompt the abolition of taxes. The government of the State was carried on by these supposed profits. When the storm broke, the banks went under. Farmers could not meet their obligations to the retailers. The wholesale merchants were helpless. Both farmers and merchants were without means to repay their loans to the banks. Paper money was uniformly refused, and in consequence commodities sold at greatly reduced prices because of the limited specie in circulation. Property of all sorts depreciated.

A Little Help Goes a Long Way.
A Little Help Goes a Long Way.

Unusual severity in Alabama due to speculation

depression firstThe inevitable end of this orgy of disordered finance, speculation, formative conditions and social unrest is thus described in Owen’s edition of Pickett’s History of Alabama, p. 690: “The financial panic of 1837, which convulsed the whole country, was felt with unusual severity in Alabama.

For some years a spirit of speculation had been growing and spreading, stimulated by increased bank circulation and unlimited credit facilities. Extravagant investments in lands and slaves were made. Property of all kinds reached fictitious values. When the crash came the banks suspended specie payments, and all classes of business stagnated. Thousands of good men were ruined. Numbers emigrated to the newer States or Territories.

Relief Acts passed

In July, 1837, the General Assembly met in called session and passed relief acts, and again at the regular session further measures were enacted.  But unfortunately legislation could not bring substantial relief, and years passed before the people fully rallied from the effects of this trying experience.”

SOURCES

  1. Pickett. Alabama (Owen ed., 1900);
  2. Brewer, Alabama. (1872); Baldwin,
  3. Flush Times of Alabama and Mississippi (1853);
  4. Miller, History of Alabama (1901), p. 116;

Vinegar of the Four Thieves was a recipe that was known for its antibacterial, antiviral, antiseptic and antifungal properties for years. It was even used to cure the Bubonic Plague. See the Thomas Jefferson’s recipe in  VINEGAR OF THE FOUR THIEVES: Recipes & curious tips from the past

See all best-selling books by Donna R Causey

Vinegar of the Four Thieves: Recipes & Curious Tips from the Past (Paperback)


By (author):  Donna R Causey
List Price:$9.77 USD
New From:$9.77 USD In Stock
buy now

About Donna R Causey

Donna R. Causey, resident of Alabama, was a teacher in the public school system for twenty years. When she retired, Donna found time to focus on her lifetime passion for historical writing. She developed the websites www.alabamapioneers and www.daysgoneby.me All her books can be purchased at Amazon.com and Barnes & Noble. She has authored numerous genealogy books. RIBBON OF LOVE: A Novel Of Colonial America (TAPESTRY OF LOVE) is her first novel in the Tapestry of Love about her family where she uses actual characters, facts, dates and places to create a story about life as it might have happened in colonial Virginia. Faith and Courage: Tapestry of Love (Volume 2) is the second book and the third FreeHearts: A Novel of Colonial America (Book 3 in the Tapestry of Love Series) Discordance: The Cottinghams (Volume 1) is the continuation of the story. . For a complete list of books, visit Donna R Causey

Liked it? Take a second to support Alabama Pioneers on Patreon!
Tags:

One comment

  1. Lamar Adkins

    Those look like the golden coins that condoms used to come in. Maybe that’s why Alabama’s been screwed financially

Leave a Reply to Lamar Adkins Cancel reply

Your email address will not be published. Required fields are marked *


This site uses Akismet to reduce spam. Learn how your comment data is processed.