The solar particle event (SPE) of August 1972 is one of the largest that has occurred in the last 20 years. Since it is so well documented, it can serve as a good example of a major perturbation to the atmospheric electric system. In this paper, ion production rates and conductivities from the ground to 80 km at the peak intensity of the event on August 4 and for 30, 35, and 40 km for the 6-day duration of the event are presented. At the peak of the event, the proton and electron precipitation currents, the ohmic current, and the vertical electric field are calculated inside the polar cap. The particle precipitation currents at this time greatly exceed the normal air earth current at altitudes above 30 km and produce reversals in the vertical electric field at 28 km and above. Calculations are presented of the vertical electric field at altitudes near 30 km where balloon measurements were made. Good agreement between the calculated and the measured vertical electric field verifies our ability to calculate disturbed conductivities at these altitudes from satellite measurements of proton spectra incident on the atmosphere. Despite the fact that at the peak of the event the vertical electric field near 30 km was shorted out by the solar particles and that the current carried by the solar particles exceeded the fair weather air-earth current density in the stratosphere by large factors, it is concluded that the largest effect of an SPE of this magnitude on the atmospheric electric circuit is due to the Forbush decrease in the galactic cosmic ray flux rather than to the large increase in solar proton flux.