How did the Panic of 1873 affect the United States?

This collapse was disastrous for the nation’s economy. A startling 89 of the country’s 364 railroads crashed into bankruptcy. A total of 18,000 businesses failed in a mere two years. By 1876, unemployment had risen to a frightening 14 percent.

What caused the stock market crash of 1873?

On 9 May 1873, the Vienna Stock Exchange crashed since it was unable to sustain the bubble of false expansion, insolvencies, and dishonest manipulations. A series of Viennese bank failures ensued, causing a contraction of the money available for business lending.

What was the Panic of 1873 in America?

The Panic of 1873 triggered the first ‘Great Depression’ in the United States and abroad. Lasting from September 1873 until 1878/9, the economic downturn then became known as the Long Depression after the stock market crash of 1929. Currency in the nineteenth century was based on specie.

What happened in 1893 to cause a panic for the United States?

The Panic of 1893 was a national economic crisis set off by the collapse of two of the country’s largest employers, the Philadelphia and Reading Railroad and the National Cordage Company. Following of the failure of these two companies, a panic erupted on the stock market.

What caused the panic of 73?

The panic of 1873 was a result of over-expansion in the industry and the railroads and a drop in European demand for American farm products and a drop off of European investment in the US.

How did the Panic of 1873 affect the Freedmen?

The financial panic of 1873 and the subsequent economic depression helped bring Reconstruction to a formal end. Across the country, but especially in the South business failures, unemployment, and tightening credit heightened class and racial tensions and generated demands for government retrenchment.

What was the silver Panic?

In Colorado and other silver-mining states, the panic was tied to the abrupt collapse of the silver industry after two decades of explosive growth. When silver prices dropped, not only did mines close, so did the businesses that supplied them. The farmers who grew food for mining towns also suffered.

Who was on the throne in 1873?

Victoria became queen at the age of 18 after the death of her uncle, William IV. She reigned for more than 60 years, longer than any other British monarch.

What war was going on in 1873?

Modoc War | United States [1872–1873] | Britannica.