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The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the "Long Depression" that weakened the country's economic leadership. [1]
In the United States, historians refer to the Depression of 1873–1879, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending an era of prosperity. The U.S. National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting ...
One of the key themes of the address was the financial panic that began in September 1873, which Grant described as a significant economic crisis. He called for measures to increase the elasticity of the monetary system and to move the nation toward a specie payment system, stating, "We can never have permanent prosperity until a specie basis ...
The depression, following the financial Panic of 1873, and the number of men consequently out of employment weighed in the scale against the party in power. In Ohio, the result was affected by the temperance crusade in the early part of the year. Bands of women of good social standing marched to saloons before which or in which they sang hymns ...
Panic of 1866, Europe; Panic of 1873, a U.S. recession with bank failures, followed by a 4-year depression; Panic of 1884, United States and Europe; Panic of 1890, mainly affecting the United Kingdom and Argentina; Panic of 1893, a U.S. recession with bank failures; Australian banking crisis of 1893; Panic of 1896, acute U.S. recession
Reserves held by banks were insufficient to be able to meet seasonal demands in autumn of 1873 as greenback reserves declined from $34 million in September 1873 to $5 million in October 1873. [2] Tensions surrounding the Panic of 1873 between creditors and debtors revived the specie payment resumption debate. Two views dominated this debate.
A freeze in lending triggers a panic in a Western financial capital which then spreads around the globe, eventually tipping several South American countries into default. In a desperate attempt to ...
A run on the bank ensued, and its operations were suspended. When the New York Stock Exchange heard the announcement, equities plummeted, causing a chain reaction of bank runs and failures throughout the United States that signaled the arrival of the Panic of 1873 to American shores. [7] Bankruptcy commenced soon after the collapse.