Sinking the Standard: The Shipwreck That Broke the Banks

Beschreibung

It was not just a shipwreck; it was the physical destruction of the American money supply. The moment the gold hit the ocean floor, Wall Street collapsed.
In September 1857, the SS Central America, a massive sidewheel steamer, was caught in a Category 2 hurricane off the coast of the Carolinas. After battling the storm for days, the ship sank, taking 425 lives with it. But the ship was also carrying a staggering 30,000 pounds of gold prospected from California. When news reached New York that the gold—the physical backing required by Eastern banks to maintain their liquidity—was resting at the bottom of the Atlantic Ocean, the financial system completely snapped. The loss of this single shipment triggered the Panic of 1857, sparking massive bank runs, business closures, and a global economic recession. This book weaves a thrilling tale of maritime survival with complex macroeconomic history. It dissects how the fragile, gold-backed American economy was utterly dependent on wooden ships surviving unpredictable weather. Explore the shipwreck that bankrupted a nation. Understand the terrifying reality of an era where a single hurricane could literally sink the stock market.

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Thomas M. McKenzie
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ss central america shipwreck panic of 1857 gold rush history maritime disasters wall street crashes economic contagion underwater archaeology

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