Additional supply?:
"SHIP OF GOLD" ON THE HISTORY CHANNEL
Blanchard Economic Research Unit
July 7, 2000
NEW ORLEANS, L.A., July 7, 2000 (Blanchard Economic Research Unit)
“Ship of Gold” on the History Channel
Ordinarily, the Atlantic Ocean off of the coast of the Carolinas is a beautiful place enjoyed by millions for recreation, commerce and industry. However, each year, from June through November, the seas off of the Carolina coast can become a treacherous area for mariners. Over the past 200 years, this area has been victimized dozens of times during what has only relatively recently been known as the Atlantic hurricane season. The year 1857 was one of those times.
In September 1857, a massive hurricane plowed through the Atlantic off of the Carolina coast and left America’s worst peacetime maritime disaster in its wake. In this tragedy 425 innocent passengers and crew of the steamer SS Central America perished in the huge waves of a forever-unnamed hurricane.
In addition to the immeasurable human costs, there was also a large economic cost associated with the wreck of the Central America ; $1.6 million in gold bullion and coins went to the bottom of the sea on board the ship. That loss of gold contributed to the financial panic of 1857.
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