... Carey and Lea, 18 31) ; and Boston New England Palladium, July 27, 18 19 4 THE PANIC AND ITS GENESIS bank note issues The number of banks in the United States rose from 88 in 18 11 to 208 in 18 15, ... January, 18 20 Of this amount, notes outstanding of the Bank fell from a peak of $10 million in early 18 18, to $8.5 million in the fall of 18 18, less than $5 million by the summer of 18 19, and $3.6 ... its expansion and launch a painful process of contraction Beginning in the summer of 18 18, the Bank precipitated the Panic of 18 19 by a series of deflationary moves The branches of the Bank were...