(CIVIL WAR) DIX JOHN A Autograph Manuscript Signed a speech

Sale 2058 - Lot 42

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Estimate: $ 800 - $ 1,200

(CIVIL WAR.) DIX, JOHN A. Autograph Manuscript Signed, a speech titled "The Panic of 1857: Its Causes and its Results." Title plus 60 pages, written on one side of each sheet. 8vo, stapled together at the top edge; some soiling and staining. New York, 1860s?

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The Panic of 1857 and ensuing recession began after the Ohio Life Insurance and Bank Company failed due to the discovery of major embezzlement, coupled with overspeculation in railroads and land within the general market. In this speech, possibly prepared for testimony before a Senate Commerce Committee, Dix reasons "that no bank should issue notes for circulation beyond the amount of specie in its vaults" and argues for the elimination of all paper specie below $20. Within the text, Dix mentions "thirty-two states of the Union" dating the speech from May 1858 after Minnesota became a state to February 1859 when Oregon was admitted. However, this copy was likely penned later, as he signs the title and first leaf with the rank of General.