Panic of 1873 (1873 - 1879) (dec 20, 1873 – oct 8, 1879)

Description:

Four year economic depression caused by overspeculation on railroads and western lands, Promoters did more stuff than existing markets could bear→ bankers gave out too many loans to finance them; Debtors called for inflationary policies; worsened by Grant's poor fiscal response; Congress dropped coinage of silver dollars in 1873 which really hurt poorer ppl; partly caused class struggle following end of reconstruction (1877);

→ farmers protesting about being “railroaded” into bankruptcy, Pressure from organized agrarian groups like Grange (Patrons of Husbandry) → MidW legis tried to regulate RR monopoly

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