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The first issue amounted to 242 million dollars. This paper money would supposedly be redeemed for state taxes, but the holders were eventually paid off in 1791 at the rate of one cent on the dollar. By 1780, the paper money was "not worth a Continental", as people said, and a second issue of new currency was attempted.
Between 1867 and 1900 U.S. steel production increased more than 500 times from 22,000 tons to 11,400,000 tons and Bessemer steel rails, first made in the U.S. that would last 18 years under heavy traffic, would come to replace the old wrought iron rail that could only endure two years under light service.
From 1860 to 1900, the wealthiest 2% of American households owned more than a third of the nation's wealth, while the top 10% owned roughly three-quarters of it. [60] The bottom 40% had no wealth at all. [4] In terms of property, the wealthiest 1% owned 51%, while the bottom 44% claimed 1.1%. [4]
Wage rates improved steadily; real wages (after taking inflation into account) were 65 percent higher in 1901, compared to 1871. Much of the money was saved, as the number of depositors in savings banks rose from 430,000 in 1831, to 5.2 million in 1887, and their deposits from £14 million to over £90 million. [16]
Between 1840 and 1860, the total length of railroad trackage increased from 3,326 to 30,600 miles (5,350 to 49,250 km). [44] The efficiency of railroad to move large, bulk items contributed enabled further drops in cost of transporting goods to market but in so doing undermined the profitability of the earlier turnpikes and canals which began ...
The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through March 1879, or 1899, depending on the metrics used. [1] It was most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War.
Keersmaeker estimated that the British Empire's share of world GDP was 24.28% in 1870 and 19.7% in 1913. The empire's largest economy in 1870 was British India with a 12.15% share of world GDP, followed by the United Kingdom with a 9.03% share. The empire's largest economy in 1913 was the United Kingdom with an 8.22% share of world GDP ...
History of the United States from the Compromise of 1850: 1877–1896 (1919) online complete; old, factual and heavily political, by winner of Pulitzer Prize; Shannon, Fred A. The farmer's last frontier: agriculture, 1860–1897 (1945) complete text online; Smythe, Ted Curtis; The Gilded Age Press, 1865–1900 Praeger. 2003.