Unjustifiable railway expansion had much to do with the American commercial panics of 1884 and 1893.
The panics of Wagram had taught men and officers alike a salutary lesson.
In 1862 he published his pamphlet entitled The Three Panics, the object of which was to trace the history and expose the folly of those periodical visitations of alarm as to French designs with which England had been afflicted for the preceding fifteen or sixteen years.
As "Mitchell's Bank" this institution was known for forty years as one of the strongest banking houses west of the Alleghanies, its notes passing at par during panics in which even the government issues were depreciated.
It was long known as Panium or Panics, a name that has survived in the modern Banias.