The crises were not widespread or general, but were more marked in England, which was at that time farther developed industrially and in its money economy than other countries.

Likewise, in the nineteenth century, the crises were of unequal force in various countries, usually being severer in England.
They may be dated 1803, 1825, 1838, 1847, 1857, 1864-66, 1875, 1890, 1900, 1907, and 1914.

These were attributed to various causes; that of 1825 to over-trading abroad; that of 1847 to railroad-building; while that of 1866 followed the severe disturbance of trade in 1864 caused by the interruption of the cotton trade and commerce by the Civil War in America.

While in many parts of England the crisis of 1864 was unusually severe, in other countries it was of little moment.

Germany, after several years of great speculative prosperity, had a most severe crisis in 1875; while France, although prostrated by the war of 1870-71, losing a large amount of wealth, and paying a thousand millions of dollars to Germany as a war indemnity, escaped a commercial crisis almost entirely at that time.
Sec.5.