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Topic: Panic of 1873

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	Panic of 1873 - Wikipedia, the free encyclopedia
		The Panic of 1873 wasa serious downturn in the economy of the United States that touched off on September 18, 1873, when the Philadelphia banking firm Jay Cooke and Company closed its doors and declared bankruptcy.
		Some economists of the Austrian school claim that the "great depression", which is supposed to have lasted for an unprecedented six years after the Panic of 1873, is merely a myth brought about by misinterpretation of the fact that prices in general fell sharply during the entire period.
		Rothbard surmised that the major effect of the Panic of 1873 was, not to initiate a great depression, but to cause bankruptcies in over-inflated banks and in railroads riding on the tide of vast government subsidy and bank speculation.
	en.wikipedia.org /wiki/Panic_of_1873 (564 words)

	Panic of 1893
		The Panic of 1893 was a financial crisis that hit the United States upon the concurrence of several events.
		First, too many people attempted to redeem notes for gold, ultimately the statutory limit for the maximum amount of gold in federal reserves was reached and gold could no longer be successfully redeemed.
		Panic of 1819 -- Panic of 1837 -- Panic of 1857[?] -- Panic of 1873
	www.ebroadcast.com.au /lookup/encyclopedia/pa/Panic_of_1893.html (283 words)

	Search Results for "panic"
		panic, crisis in financial and economic conditions, marked by public loss of confidence in the financial structure.
		Panics are characterized by a general rush of...
		The members were principally farmers of the West and the South; stricken by the Panic of 1873, they saw salvation in an inflated currency that would wipe...
	www.bartleby.com /cgi-bin/texis/webinator/sitesearch?query=panic&db=db&filter=col65&Submit=Go (286 words)

	The History Box \| The Panic Of 1873
		The announcements of The Times in the morning prepared the public in a certain degree for the trouble which was to ensue, and many parties were enabled to go in the market early in the morning and protect themselves from loss.
		The news of the panic spread in every direction down-town, and hundreds of people who had been carrying stocks in expectation of a rise, rushed into the offices of their brokers and left orders that their holdings should be immediately sold out.
		The experience of the present panic has proven that the currency of the country, based, as it is, upon the credit of the country, is the best that has ever been devised.
	thehistorybox.com /ny_city/panics/panics_article9a.htm (1080 words)

	GREAT EPOCHS IN AMERICAN HISTORY
		The intent of this expedient, never adopted since the panic of 1893, was to help out hard-prest banks through loan of the cash resources of their neighbors; but its result, in 1907, as in 1893, was to bring about general suspension of cash payments in the Clearing-House.
		Before the panic of 1907 was over the New York banks had $88,420,000 of such loan certificates in use, as against a maximum of $38,280,000 in the panic of 1893, and the loan certificates remained in use during twenty-two weeks, as against only nineteen weeks' duration in the earlier panic.
		The panic of 1907 was unlike the panic of 1893, which followed a period of uncertainty and misgiving, leading to acquiescence, on the part of the community at large, in the certainty of prolonged reaction and depression.
	www.usgennet.org /usa/topic/preservation/epochs/vol10/pg193.htm (1779 words)

	Slate - The Dismal Science - March 12, 1998
		The logic of financial panic is fairly well understood in principle, thanks both to the old literary classics and to a 1983 mathematical formalization by Douglas Diamond and Philip Dybvig.
		The starting point for panic theory is the observation that there is a tension between the desire of individuals for flexibility--the ability to spend whenever they feel like it--and the economic payoff to commitment, to sticking with long-term projects until they are finished.
		Like the Panic of 1873--or the similar panics of 1893; 1907; 1920; and 1931, that mother of all bank runs (which, much more than the 1929 stock crash, caused the Great Depression)--it can spread to engulf the whole economy.
	web.mit.edu /krugman/www/panic.html (1550 words)

	Ulysses S. Grant's 5th Annual Message - 1873
		The ordinary postal revenues for the fiscal year ended June 30, 1873, amounted to $22,996,741.57, and the expenditures of all kinds to $29,084,945.67.
		The constant and rapid extension of our postal service, particularly upon railways, and the improved facilities for the collection, transmission, distribution, and delivery of the mails which are constantly being provided account for the increased expenditures of this popular branch of the public service.
		The total number of post-offices in operation on June 30, 1873, was 33,244, a net increase of 1,381 over the number reported the preceding year.
	www.theamericanpresidency.us /1873.htm (6499 words)

	Connecticut's Heritage Gateway
		The general prosperity which prevailed in the United States during and after the Civil War was shattered by the Panic of 1873 and the resulting Depression of the 1870s, from which there was little relief until 1879.
		The Panic of 1873 was triggered by the failure in September 1873 of the brokerage firm of Jay Cooke and Company.
		Workingmen were hard hit, as unemployment rose and wages fell significantly between 1873 and 1875.
	www.ctheritage.org /encyclopedia/ct1865_1929/taftville_strike.htm (518 words)

	The History Box \| The Panic Of 1857
		This brief panic is notable for the role that telecommunications plays.
		When a branch of the Ohio Life Insurance and Trust Company fails, news that would formerly have taken weeks to criss cross the nation, its impact diminishing with time is known within hours, thanks to the telegraph.
		The underlying cause of the recession is a downturn in agricultural exports brought on by the end of the Crimean War in Europe, as well as over-speculation in railroads and real estate.
	www.thehistorybox.com /ny_city/panics/panics_article7a.htm (653 words)

	1873 Panic
		By 1873 railroad mileage had doubled itself since 1869, and this was a cause of rash speculation.
		Between 1866 and 1873, 35,000 miles of new track were laid across the country.
		In the end, the Panic brought bitter antagonism between labor and the leaders of banking and manufacturing.
	www.ci.green-bay.wi.us /geninfo/mayors_past/1873_panic.html (458 words)

	The financial panic of 1873
		In 1873 came a financial crash that carried ruin far and wide throughout the country.
		Failure after failure succeeded, panic spread through the whole community, and the country was thrown into a condition resembling that of 1837, but more disastrous from the fact that much greater wealth was affected.
		In 1873 railroad mileage had doubled itself since 1860, and this was a prolific cause of rash speculation.
	www.publicbookshelf.com /public_html/The_Great_Republic_By_the_Master_Historians_Vol_III/panicof1_hd.html (376 words)

	Search Results for "Greenback"
		...The members were principally farmers of the West and the South; stricken by the Panic of 1873, they saw salvation in an inflated currency that would wipe out the...
		...Origins of the MovementFree silver became a popular issue soon after the Panic of 1873, and it was a major issue in the next quarter century.
		He was admitted to the Ohio bar in 1847 and served (1854-56) in the state senate.
	www.bartleby.com /cgi-bin/texis/webinator/65search?query=Greenback (259 words)

	Gilded Age: 1873-1876: The Panic of 1873
		by Drew VandeCreek, Ph.D. The Panic of 1873 began on September 18 with the failure of the Philadelphia investment house of Jay Cooke.
		In 1873 Chicagoans, some Germans outraged by Republicans' temperance legislation and some speaking for other, increasingly mobilized groups of immigrants and workers, elected a People's Party candidate mayor of Chicago and controlled the city council.
		In December of 1873 they organized a march of five thousand unemployed upon City Hall, where they demanded that the newly elected People's Party administration either provide public works jobs for the unemployed or force charitable organizations to disburse the remainder of the fire relief funds.
	dig.lib.niu.edu /gildedage/narr3.html (1168 words)

	GREAT EPOCHS IN AMERICAN HISTORY
		Panic is in its nature unreasoning; therefore, altho the financial fright of 1893 arose from fear of depreciation of the legal tenders, the first act of frightened bank depositors was to withdraw these very legal tenders from their banks.
		Instinct led them, therefore, when the same financial weather-signs were visible in 1893, to get their money out of the banks and into their own possession with the least possible delay, and as a rule the legal tenders were the only form of money which they were in the habit of using.
		Two classes of interior institutions went down immediately—the weaker savings banks, which in that section were largely joint-stock enterprises, and a series of private banks, distributed in various provincial towns, which had fostered speculation through the use of their combined deposits by the men who controlled them all.
	www.usgennet.org /usa/topic/preservation/epochs/vol10/pg73.htm (2004 words)

	Economic Panic
		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.
		The crash of the stock market in Vienna, Austria, early in 1873, resulted in a depression in Europe.
		The difficult state of the US insurance industry, in light of the Chicago fire, insured that the collapse of the banking firm of Jay Cooke would result in a stock market panic in the United States.
	www.multied.com /rec/EconomicPanic.html (122 words)

	Panic of 1873
		In addition to the ruined fortunes of many Americans, there developed from the Panic of 1873 bitter antagonism between workers and the leaders of banking and manufacturing.
		More books on Panic of 1873 can be found at Barnes & Noble.
		Memorabilia related to Panic of 1873 is at auction on eBay.
	www.u-s-history.com /pages/h213.html (284 words)

	The Panic of 1873 (Site not responding. Last check: 2007-10-03)
		Panic of 1873 was a downfall of many banks, mills, railroad companies, and bringing unemployment all across the nation.
		Everyone knows the destruction it caused our beloved nations economy, but what was the actual root of the problem.
		Such a panic could have been prevented if money was put into the right places and held by the right people.
	pages.prodigy.net /ohio1972/n1epg3.htm (172 words)

	HarpWeek: Cartoon of the Day
		Published in the midst of the Panic of 1873, this cartoon portrays President Ulysses S. Grant as a watchdog guarding the U.S. Treasury from Wall Street speculators who are seeking a bailout from the federal government.
		The Panic of 1873 and the subsequent depression had several underlying causes, of which economic historians debate the relative importance.
		President Grant had previously endured poverty and been adversely affected by the Panic of 1857, so he genuinely sympathized with the motivations behind the bill and those it was trying to help.
	www.harpweek.com /09Cartoon/RelatedCartoon.asp?Year=2003&Month=October&Date=11 (784 words)

	RRHX - Railroad History Time Line - 1873
		The following roads built track in 1873: Michigan Midland and Canada: 12; Mineral Range: 15; Traverse City Railroad: 26; Chicago and Canada Southern (including the Toledo,Canada Southern and Detroit): 90; Chicago and Northwestern: 9; Detroit and Bay City: 35, Grand Rapids and Indiana: 79; and the Jackson, Lansing and Saginaw: 8.
		257 railroad accidents were reported in 1873, with 94 fatalities.
		Coupling, "switching", and "falling from train" were responsible for 32 percent of all casualties and all but three of those so hurt were employees.
	www.michiganrailroads.com /RRHX/Timeline/1870s/TimeLine1873.htm (1254 words)

	BBC News \| Letter From America \| The Crash of 1873, 1929, '87, '97.....
		Towards the end of last Tuesday, when the 554 drop was a fact to accept and explain, the experts were first telling us in a breathless tone, not to panic and then the sages came in.
		All through the Spring of 1930, most of the American people had read about the panic but the thought of 1929 was that of a very nasty jar, a sickness they were recovering from.
		In the light of the fourteen stock market crashes since 1873, none is quite the same; there is no dependable pattern of positive decline, of positive recovery.
	news.bbc.co.uk /1/hi/programmes/letter_from_america/21126.stm (1376 words)

	PBS - Frontier House: Frontier Life
		By 1873, the Eastern crews of the Northern Pacific had reached Bismarck, Dakota Territory, and the Western crews had reached Tacoma, Washington Territory.
		During the Panic of 1873, Villard returned to Germany and met several European investors interested in American railroads.
		After the Panic, Villard returned to the U.S. as a representative of these investors, and soon had a railroad empire in the Pacific Northwest.
	www.pbs.org /wnet/frontierhouse/frontierlife/essay11_2.html (800 words)

	Heath Anthology of American Literature- Timeline
		Panic allows speculators to purchase thousands of acres in the Red River valley of North Dakota cheaply.
		Panic of 1873 begins (September—October), setting off a five-year depression.
		Financial Panic of 1873 closes stock exchange for ten days in September.
	college.hmco.com /english/lauter/heath/4e/students/timeline/1873.html (98 words)

	panic of 1873 - Depression RU
		The Panic of 1873 was touched off on September 18, 1873, when the Philadelphia banking firm Jay...
		In 1873, a severe financial panic hit the United States.
		Failure after failure succeeded, panic spread through the whole community, and the...
	depression.ru.com /panic-of-1873.html (197 words)

	Queen of the West Once More 4 (Site not responding. Last check: 2007-10-03)
		The period of the Great Rebuilding came to a close with the Panic of 1873, which proved to be a more serious deterrent to the local economy than the fire.
		By December of that year the unemployed were chanting "Bread or death" outside the offices of the Relief and Aid Society, which once again refused to accede to demands to turn the balance of its funds over to the city.
		By the late spring of 1873, the city was ready to celebrate its recovery, hosting a jubilee week in June.
	www.chicagohs.org /fire/queen/essay-4.html (316 words)

	The Northern Pacific -- Main Street of the Whole Northwest (Site not responding. Last check: 2007-10-03)
		From 1870 to 1873 the Northern Pacific’s crews pushed the railheads from Duluth, Minnesota, to Bismarck, Dakota Territory, in the east, and from Kalama to Tacoma, Washington Territory, in the West.
		When he returned to the United States after the Panic of 1873, he was the representative of these concerns.
		In the wake of the Northern Pacific-inspired Panic of 1873.
	www.employees.org /~davison/nprha/first.html (6693 words)

	Chapter Sixteen, Cattle Trade of the West and Southwest by Joseph G. McCoy
		At the beginning of the panic, of its assets, were live-stock men's notes to the amount of over one half million dollars.
		Indeed it may be said that that institution has found, upon the severest of tests, that banking with live-stock men, has been eminently satisfactory and safe instead of extra-hazardous, as it appeared to be in the beginning.
		During the prevalence of the panic, which depressed the live-stock interests of the west more disastrously than any other branch of commerce, the various marts were the centers at which the greatest distress imaginable was daily manifested.
	www.kancoll.org /books/mccoy/mcchap16.htm (3425 words)

	Digital History
		In 1872, "Liberal Republicans," repelled by the supposed corruption of the radical regimes in the South, declared that the North had attained its goals and that Reconstruction should end.
		The nationwide economic depression of 1873 further weakened the Republican party, and Democrats regained the House of Representatives in 1874.
		The financial panic of 1873 and the subsequent economic depression helped bring Reconstruction to a formal end.
	www.digitalhistory.uh.edu /database/article_display.cfm?HHID=138 (312 words)

	American Experience \| Ulysses S. Grant \| People & Events \| The Panic of 1873
		Since the end of the Civil War, railroad construction in the United States had been booming.
		So when the banking firm of Jay Cooke and Company, a firm heavily invested in railroad construction, closed its doors on September 18, 1873, a major economic panic swept the nation.
		Jay Cooke's firm had been the government's chief financier of the Union military effort during the Civil War.
	www.pbs.org /wgbh/amex/grant/peopleevents/e_panic.html (462 words)

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