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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 ]
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.
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 ...
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 riot occurred in the midst of the Panic of 1873, a depression that began in 1873 and lasted for several years. [2] Workers movements throughout the United States had been making demands of the government to help ease the strain of the depression. [3]
The Panic of 1893 reached its frenzied apex on May 5, 1893. This event, and the depression that followed it, represent a major turning point in the economic growth of the United States.
After being forced out of the Erie Railroad, Gould started to build up a system of railroads in the Midwest and West. He took control of the Union Pacific in 1873, after its stock had been depressed by the Panic of 1873, and he built a viable railroad that depended on shipments from farmers and ranchers. He immersed himself in every operational ...