Panic of 1873 Facts for kids
Interesting facts about the Panic of 1873 are detailed below. The history of
Panic of 1873 is told in a factual sequence consisting of
a series of short facts providing a simple method of relating the
history and events of the Panic of 1873.
Panic of
1873
Facts for kids
Panic of 1873
Fact 1: The Panic of 1873 started on the back
of the economic depression that was engulfing Europe
resulting from the Franco-Prussian War (1870-1871).
Panic of 1873
Fact 2: The effects of the European
depression, and the resultant failure of foreign
investment in the US, led to the ruin of the banking
firm called Jay Cook and Company.
Panic of 1873
Fact 3: Jay Cooke, the founder of the
private banking house of Jay Cooke & Company in
Philadelphia, had helped finance the Civil War and then
became involved in the development of the railroads
during the Reconstruction Era.
Panic of 1873
Fact 4: Jay Cooke & Company financed the
construction of the Northern Pacific Railway. The
company over-stretched itself by advancing the money for
the railroad work and was was forced to suspend its
operations and Jay Cooke was forced into bankruptcy.
Panic of 1873
Fact 5: The Panic of 1873 began in the United
States on September 18, 1873 (Black Thursday) following
the collapse of Jay Cooke and Company. Several other
major banks also collapsed on the same day ruined by
over speculation during reconstruction especially in
relation to the railroads.
Panic of 1873
Fact 6: The extent of the economic crash was
so great that the New York Stock Exchange closed on
September 20, 1873 and did not reopen for ten days.
Panic of 1873
Fact 7: There were
runs on state
banks, bank closures, foreclosures and bankruptcies.
Banks demanded payment of of debts by manufacturers and
industrialists
Panic of 1873
Fact 8: Railroad construction was greatly
reduced, factories were closed, businesses were ruined
and unemployment soared
Panic of 1873
Fact 9: There were an alarming number of
foreclosures and bankruptcies.
The prices of manufactured products plunged, inflation rose,
the money supply dried up and credit was not available.
Panic of 1873
Fact 10: Thousands of Americans lost their
jobs and their homes. The destitute depended on
charities to enable them to survive.
Continued...
Panic of
1873
Facts for kids
Panic of 1873
The info about the
Panic of 1873 provides interesting facts and
important information about this important event that occured during the presidency of the 18th President of the United States of America.
Panic of 1873 Facts for kids
Interesting history and the Panic of 1873 Facts for kids are
continued below.
Panic of
1873
Facts for kids
Panic of 1873
Fact 11: 100 railroad companies suffered
immediate bankruptcy and many thousands of
railroad workers lost their jobs
Panic of 1873
Fact 12: Over 18,000 businesses failed between
1873 and 1875
Panic of 1873
Fact 13: Nearly 1 in 8 Americans became
unemployed. Building work stopped, the value of land
dropped and profits crashed
Panic of 1873
Fact 14: The employers that were still in
business cut wages. Average wages fell by nearly 25%
Panic of 1873
Fact 15: Workers went on strike because of the
pay cuts - refer to the
Great Railroad Strike of 1877
Panic of 1873
Fact 16: There was civil unrest,
demonstrations, protests and violent riots across many
of the cities in the United States.
Panic of 1873
Fact 17: The violent actions of the rioters
and strikers lost public support but unions like
the
Knights of Labor and the American Federation of
Labor were established - refer to
US Labor Unions History
Panic of 1873
Fact 18: Many Americans took desperate
measures and entered hostile Indian territories in
search for gold.
Panic of 1873
Fact 19: The economic crisis also saw the
emergence of the 'Molly Maguires', a secret society of
Irish and Irish American coal miners based in
Pennsylvania
Panic of 1873
Fact 20: The effects of the economic crash of
1873 and subsequent depression lasted for many years and
the economic productivity of the United States fell by
over 24%.
Panic of
1873
Facts for kids
Panic of 1873 for kids - President Ulysses Grant Video
The article on the
Panic of 1873 provides an overview of one of the Important issues of his presidential term in office. The following
Ulysses Grant video will
give you additional important facts and dates about the political events experienced by the 18th American President whose presidency spanned from March 4, 1869 to March 4, 1877.
Panic of 1873 - Economic
Depression
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Interesting Facts about the economic depression for kids and schools
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Definition of the Panic of 1873 in US history
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Facts about the Panic of 1873
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Ulysses Grant Presidency from March 4, 1869 to March 4, 1877
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Fast, fun, facts on Panic of 1873, an Important events in his presidency
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Foreign & Domestic
policies of President Ulysses Grant
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the Panic of 1873 and economic depression for schools,
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