Panic of 1873 (jan 2, 1873 – jan 1, 0)

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A four year economic depression casued by overspeculation on railroads and wesern lands (the economic growing too fast). 15k businesses went bankrupt, Freedman's Savings and Trusts company lost Black Americans $7 million. Debtors fought for inflationn to more easily pay debts nd also wanted the coinage of silver. The COntraction policy served as a means of deflation and worsened the impact of the Depression but restored the gov't's credit rating and greenbacks came back at full face value, prompted the creation of the Greenback Labor Party.

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