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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 ...
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.
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 ...
In 1873, the government passed the Fourth Coinage Act and soon resumed specie payments without the free and unlimited coinage of silver. This put the U.S. on a mono-metallic gold standard, angering the proponents of monetary silver, known as the silverites. They referred to this act as "The Crime of ’73", as it was judged to have inhibited ...
In 1873, Congress had removed the use of silver dollar from the list of authorized coins under the Coinage Act of 1873 (referred to by opponents as 'the Crime of '73'"). Although the Bland–Allison Act of 1878 directed the Treasury to purchase silver from the "best-western" miners, President Grover Cleveland repealed the act in 1893. [ 4 ]
That same year, the Panic of 1873 devastated the local and national economy, wiping out a portion of the Mellon fortune. [10] With Andrew taking a leading role at T. Mellon & Sons, the bank quickly recovered, and by late 1874 the bank's deposits had reached the level they had been at before the onset of the Panic.
The financial Panic of 1893 intensified the debates, and when President Grover Cleveland (a Democrat) continued to support the gold standard against the will of much of his party, activists became determined to take over the Democratic Party organization and nominate a silver-supporting candidate in 1896.