The Panic of 1873

Ulysses Simpson Grant

Summary and Definition of Panic of 1873
Definition and Summary: The Panic of 1873, also referred to as the Long Depression,
was a financial crisis that triggered a depression that lasted for six years and led to economic hardships, civil unrest, protests, demonstrations and the first nationwide strikes.

Panic of 1873 for kids
Ulysses Grant was the 18th American President who served in office from March 4, 1869 to March 4, 1877. One of the important events during his presidency was the Panic of 1873.

   
  

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

● Interesting Facts about the economic depression for kids and schools
● Definition of the Panic of 1873 in US history
● Facts about the Panic of 1873
● Ulysses Grant Presidency from March 4, 1869 to March 4, 1877
● Fast, fun, facts on Panic of 1873, an Important events in his presidency
● Foreign & Domestic policies of President Ulysses Grant
● Ulysses Grant Presidency and the Panic of 1873 and economic depression for schools, homework, kids and children

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