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investors took on more debt than they can afford.
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What was significance of panic of 1873?
It was a financial crisis leading to the so-called 'long depression', which in the US was caused by a sharp drop in the demand for and price of silver caused by Germany exchanging the Silver Standard for the Gold Standard. In the same year occurred the failure of the major US bank of Jay Cook & Company, which triggered the failure of a great number of other US banks.In Europe the sharp drop in the price of silver was one of the main reasons for the collapse of the Vienna Stock Market in 1873, which caused a sharp downturn on other European stock markets. In Europe however the following depression was less severe and shorter-lived than the one in the US, which was to last until 1879.The Panic of 1873 was a financial crisis that triggered a depression in Europe and North America that lasted from 1873until 1879.
How did the panic of 1873 effect the nation?
A chain reaction to bank failures temporarily closed the New York Stock Exchange. There were massive layoffs in factories and the US slipped into depression. A great many of the nation's railroads failed and went bankrupt. This resulted in a railroad strike due to wage cuts. The Republican party drew the most ire for the failure and Democrats came into power.
What is the significance of the Comstock Act of 1873?
The Comstock Act of 1873 prohibited the sale of items that could be used for abortion or birth control. This law also made it illegal for doctors to perform abortions.
Who invented barbed wire and what year?
invented by Joseph Glidden in 1873
What is the judiciary act of 1873?
The judiciary act of 1873 restructured the English court system of the United Kingdom. This act created the high court and the court of appeal.
What problems did the economic depression cause in 1873?
The Panic of 1873 caused an economic depression in the 1870s because banksacross the land closed .
What caused an economic depression in the 1870s?
The Panic of 1873 caused an economic depression in the 1870s because banksacross the land closed .
What closed banks in 1873?
The Panic of 1873 closed the banks.
What closed the banks in 1873?
The Panic of 1873 closed the banks.
Which statement best describes the main cause of the Panic of 1873?
The Panic of 1873 began with the bankruptcy of Jay Cooke and Company.
What hurt the republican party?
The financial panic known as Panic of 1873
What statement was best describes the main cause of the panic of 1873?
The Panic of 1873 began with the bankruptcy of Jay Cooke and Company. A+ Learning.
Was the panic of 1873 blamed on the republicans?
yes
It followed the Panic of 1873?
it something that has to do with history
What was Panic of 1873?
The Panic of 1873 was when the E.W. Clark & Company bank (one of the biggest private banks) went bankrupt. As a result, it caused a chain-reaction of other bank failures and even a ten-day closing of the NYSE (New York Stock Exchange) starting September 20th.
Panic of 1873?
Four year economic depression caused by overspeculation on railroads and western lands, and worsened by Grant's poor fiscal response (refusing to coin silver)
What industry employed the most workers in the Panic of 1873?
As the Panic of 1873 began to unfold, railroad companies employed the most people. Approximately 2 million jobs were in the railroad industry.
