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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 ...
The Panic of 1873 was triggered by the collapse of the economic empire of financier Jay Cooke (1822-1905). The Workingmen's Party of Illinois was a radical political organization which emerged during the Panic of 1873, the greatest economic crisis in the United States between the Panic of 1837 and the Great Depression of 1929.
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.
The Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later, but the effects from it continued to be felt until 1897. [ 1 ] It was the most serious economic depression in history until the Great Depression of the 1930s.
The Winchester Repeating Arms Company of New Haven first produces the 1873 model Winchester rifle, "The Gun That Won the West". Central Park is officially completed in New York City. Nine Pekin ducks are imported to Long Island (the first in the United States). Eliza Daniel Stewart organizes the Woman's Temperance League in Osborn, Ohio.
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 ...
Panic of 1873 and loss of House Grant signed the Coinage Act of 1873 , effectively ending the legal basis for bimetallism . [ 430 ] The Coinage Act discontinued the standard silver dollar and established the gold dollar as the monetary standard; because the gold supply did not increase as quickly as the population, the result was deflation.