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A variety of things happened, mainly in America, the Depression of 1870 resulted in the crackdown of big businesses. During this period of time known as the "Gilded Age" monopolies were very common. Manipulation of stock markets occured. Eventually numerous measures were passed in order to stem the tide of big business such as the Sherman Anti-Trust Act
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What was the effect of the panic of 1873?
It caused an economic depression and loss of hope. It used to be called the Great Depression, before the Great Depression of the 1930's. It is now called the Long Depression. It also lead to conflict in the USA over the backing of money i.e. The Gold Standard vs The Free Silver Movement.
What two issues dominated national politics in the 1870s and 1880s?
The money supply and civil-service reform
How did the US government make the American public have confidence in the nation's currency in the 1870S's?
The government adopted the gold standard.
What did Oliver H Kelley found?
He was a founder of the National Grange of the Patrons of Husbandry, the central influence in the Granger movement of the 1870s.
What fixed the panic of 1873?
Democrats were able to take over a majority in Congress thanks to the prevailing distrust of Americans toward the Republican Party, since Grant was a member of the Republican Party, and were able to enact regulations involving speculation that could prevent another financial panic. New oversight, rebuilding the railroad industry, and new investments in the economy eventually ended the financial depression of the 1870s.
