sep 1, 1873 - Panic of 1873

Description:

- Major panic following economic downturn in the 1870's
- Many Californians picked on Chinese immigrants in America as the cause
- Economic disaster.
Unemployment in North.
- Caused by:
- Overspeculation by financers
- Overbuilding by industry
- Grant adopted ideas of Eastern bankers - trend of Republican party was pro business.
- African American Southerners were greatly harmed. Economic problems of North took away attention from South

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