I’m actually researching the topic for school, so I am gaining more knowledge on this. Still working on some of the information though.
In short, the basic “panics” were 1819, 1837, 1857, 1873, 1893, 1907. (If we are to end at the creation of the Federal Reserve)
1819
The Bank of North America and the First Bank of the United States start off the country by expanding the money supply. They expand credit, allow the government to manage its debt/create money, and help new FRB open up. The Bank of North America failed, and that was replaced by the First Bank of the United States. First Bank failed to get its recharter. Suddenly we were in the War of 1812. Our government had to pay for its war, and New England (pro British), were uninterested in buying up government debt. So the U.S government edged on new banks to be created to pay for it, and things got so out of hand that the gov’t allowed them to suspend specie payment in 1814. The Second Bank of the United States was ushered shortly after the war, and then started inflating. It soon realized things got out of hand and then and contracted loans, popping the bubble and creating the Panic of 1819.
1837
Again the Second Bank of the United States inflates, and through Jackson’s libertarian befliefs and his personal quarrels with Biddle/banks, Jackson manages to effectively kill the Bank. The “pet” banks and wildcat banks keep inflating, England contracts its own bubble, yanking the carpet under our economy. The panic of 1837 comes. However the banking institution/state governments try to inflate, and a small bubble keeps going in 1838. However, the liquidation continues en masse in 1839 and ends around 1843.
1857
With the new Indepedend Treasury system started by Martin Van Buren and brought back again by Polk, Federal involvement in banks are probably at their lowest. However, the FRB are subject to a large amount of regulations and through the typical ABCT a bubble economy forms. The bubble this time is broked in 1857, and it was not as bad as 1837 since we didn’t inflate as much nor did we try to prop it up.
1873
The Civil War forces our government to issue new money (greenbacks) and go into a large amount of debt. They also sign in the National Banking Acts, which are quasi central banks that help our government with its debt. Combined with heavy federal investment (land grants, subsidies, pork barrel, corruption), a large railraod boom forms. The bubble pops, and the Panic of 1873 ensues.
1893/ 1907
Haven’t found out a terrible amount of this one yet, although its really similiar in nature to 1873 since it involves the National Banking Acts. So far from what I’ve looked at, 1893 appears to be the worst out of them all, although I can’t say that for certain. 1907 is still similar, with the increasingly regulatory NB institutions inflating and popping the bubble.
In terms of actual recession economics, I am also looking for those two. From what I read on basic websites, most of these panics involved high unemployment rates, low prices, etc etc. I’m still looking for rebuttals on the unemployment problem. If you want to see my earlier thread, Economic Panics of the 19th and early 20th century - #10 by CuriousGeorge