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In the United States, the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. [2] The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance.
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 ...
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.
The panic of 1785, which lasted until 1788, ended the business boom that followed the American Revolution. The causes of the crisis lay in the overexpansion and debts incurred after the victory at Yorktown, a postwar deflation, competition in the manufacturing sector from Britain, and lack of adequate credit and a sound currency.
With the election following the Panic of 1873, Grant's Republican Party was crushed in the elections, losing their majority and almost half their seats to the Democratic Party. This was the first period of Democratic control since the prewar era. The economic crisis and the inability of Grant to find a solution led to his party's defeat.
Though the exact causes of panic disorder are unknown, there are some things we know can increase the risk. These are called risk factors. Some risk factors for panic disorder include:
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.