Panic of 1873
Quick Summary
The Panic of 1873 was a severe financial crisis in the United States that marked the end of a long period of economic expansion. It began with financial crises in Vienna and New York City and contributed to a global economic downturn.1
This panic was linked to the complex financial landscape of the 19th century, including issues with railroad bonds and investments. It led to widespread bank failures and a sharp increase in unemployment. The economic depression of the mid-1870s also fueled the Free Silver Movement, which advocated for the unlimited coinage of silver. Supporters believed this would expand the currency, raise crop prices, and help debtors. The repeal of the Sherman Silver Purchase Act in 1893, following a panic that year, intensified the demand for free silver.12
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panicThe Panic of 1873, which began with financial crises in Vienna in June and in New York City in September, marked the end of the long-term expansion in the world economy that had begun in the late 1840s. An even greater panic, however, was the stock…
Read MoreThe Panic of 1873, which began with financial crises in Vienna in June and in New York City in September, marked the end of the long-term expansion in the world economy that had begun in the late 1840s. An even greater panic, however, was the stock…
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United StatesThe expansion of the railroads…begun construction westward, but the panic of 1873 and the ensuing depression halted or delayed progress on many of those lines. With the return of prosperity after 1877, some railroads resumed or accelerated construction; and by 1883 three more rail connections between the Mississippi valley and the West Coast had…
Read More…begun construction westward, but the panic of 1873 and the ensuing depression halted or delayed progress on many of those lines. With the return of prosperity after 1877, some railroads resumed or accelerated construction; and by 1883 three more rail connections between the Mississippi valley and the West Coast had…
Read More