0 
MIGRATION AND BUSINESS CYCLES 
An examination of Chart 10 reveals that, on the whole, particular- 
ly after the Civil War, each of the marked swells or troughs in the 
import curve 1s accompanied, in the same year or within the suc- 
ceeding year or two, by a somewhat similar fluctuation in im- 
migration. This fact may be made more obvious by concentrating 
our attention on those periods which are customarily designated as 
depression years. 
CHART 10 
CycLEs IN IMPORTS OF MEN AND OF MERCHANDISE: 1820-1923. 
Unit= one standard deviation 
— _ ey } 
“0 - +—1 — 
‘Note the greasy yar 1870 
80 f camo] lo 
20 — 
© IIMERATION 
+10 « 
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I Cm 
ST) SES | } . a » ee 
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20 [i a... 
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«Numerical data in Table 18. 
The discussion of periods of prosperity and depression in the 
United States in the following paragraphs, and in European coun- 
tries in subsequent sections of this report, rests chiefly upon the 
recently published Business Annals compiled by Dr. Willard 1. 
Thorp, of the staff of the National Bureau of Economic Research. 
The first period of dullness after 1820 comes in 1826, following 
the crisis of 1825. Both immigration and imports declined in 1826, 
and imports continued to decline in 1827. The ready interpretation 
of the evidence, however, is rendered somewhat difficult by the 
fact that in this period neither the immigration nor import data 
refer to years ending December 31st. 
1See footnote (c) to Table 18.