The Panic of 1837 Today
E.A. Johnston warns that America faces a financial collapse akin to the Panic of 1837 as a divine judgment calling the nation to repentance.
In 'The Panic of 1837 Today,' E.A. Johnston draws a prophetic parallel between the historic financial crisis of 1837 and the current economic instability facing America. He warns that the nation is on the brink of a devastating collapse that serves as a divine judgment calling for repentance. Johnston challenges both the church and the nation to heed God's warnings and turn back to Him before it is too late.
Full Transcript
In 1837, America experienced a sudden financial crisis that resulted in a major depression that lasted for seven years. Within two months of the panic, losses from bank failures in New York alone were nearly $100 million. Out of 850 banks in the United States, 343 closed entirely and 62 failed partially.
This financial panic was felt from one end of the country to the other as the financial crash unleashed a wave of riots and domestic unrest. There had to be an increase in the state's police powers as mobs got out of hand. Unemployment soared to 25% and the government had to issue hard times tokens which were used in place of a currency shortage.
For a while, it was complete chaos. America, right now, is on the verge of financial collapse that will be similar to the crash of 1837. Our stock market is highly overvalued and our economy is in trouble because of the pandemic.
Many businesses have closed and thousands of people are behind on their rent. One more crack in the economy will bring it all crashing down and it'll be bad for a very long time. It'll make the crash of 2008 look like a cakewalk.
Most people don't have a clue how risky their stock market investments really are and they are in for a rude awakening as they watch their nest egg crack wide open and spill out onto the streets. God has tried to get America to turn back to him through a series of remedial judgments in the form of natural calamities, but even the church has turned a blind eye to the activity of God in the land. The straw they'll break the camel's back will be an out-and-out financial collapse where banks will fail and businesses will go under.
People will go homeless and they'll be rioting in the streets. God sent a financial collapse to the Jews in the days of Amos to try and get the backslidden people of God to return back to him, but they still refuse to return to God. We read in Amos 4.9, I have smitten you with blasting and mildew when your gardens and your vineyards and your fig trees and your olive trees increased the palmer worm devoured them yet have you not returned unto me saith the Lord.
The panic of 1837 was preceded by a period of great financial prosperity, growth, and speculation. Then, without warning, it all suddenly came crashing down. Will America ever turn back to the God of the Bible? Will there be a country left even to turn back to?
Sermon Outline
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I
- Overview of the Panic of 1837 and its devastating impact
- Comparison of 1837 financial crisis to current economic conditions
- Signs of impending financial collapse in America today
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II
- God’s remedial judgments through natural calamities
- The church’s failure to respond to God’s warnings
- The role of financial collapse as a final judgment
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III
- Biblical precedent of financial judgment in the book of Amos
- Call for national repentance and turning back to God
- The urgency of heeding God’s warnings before it’s too late
Key Quotes
“God has tried to get America to turn back to him through a series of remedial judgments in the form of natural calamities, but even the church has turned a blind eye to the activity of God in the land.” — E.A. Johnston
“One more crack in the economy will bring it all crashing down and it'll be bad for a very long time.” — E.A. Johnston
“The straw they'll break the camel's back will be an out-and-out financial collapse where banks will fail and businesses will go under.” — E.A. Johnston
Application Points
- Recognize the signs of God’s judgment in current economic hardships and respond with repentance.
- Encourage the church to awaken from spiritual complacency and actively seek God’s guidance.
- Prepare personally and communally for potential economic difficulties by trusting in God’s provision.