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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 ]
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 ...
Formed in December 1873, The Committee of Safety in New York City tried to organize a meeting with city officials but was denied any such opportunity. [ 3 ] Impelling the workers' demands and the subsequent riot was poverty which, as the result of the Panic of 1873, had become significantly more prevalent in the United States, causing great ...
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.
September 1873 Panic of 1873-- By November 1873, 55 US railroads fail. (Another 60 are bankrupt by September 1874). 1910s.
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 Long Depression, sparked in the United States by the Panic of 1873, had extensive implications for US industry, closing more than a hundred railroads in the first year and cutting construction of new rail lines from 7,500 miles (12,100 km) of track in 1872 to 1,600 miles (2,600 km) in 1875. [2]