how did the panic of 1873 hasten the end of reconstruction?

Factories began to lay off workers as the country slipped into depression. [27][28], Although the collapse of the foreign loan financing had been predicted, the events of that year were in themselves comparatively unimportant.

The panic and depression hit all of the industrial nations. ''); Building tracks where land had not yet been cleared or settled required land grants and loans that only the government could provide. Unemployment peaked in 1878, at 8.25%. France, like Britain, also entered into a prolonged stagnation that extended to 1897. Skip to main content Accessibility help We use cookies to distinguish you from other users and to provide you with a better experience on our websites.
The New Press, 2010. p 149.

The Great Financial Panic of 1873 - Closing the door of the Stock Exchange on its members, Saturday, Sept. 20th. The sudden collapse of the nation's economy left 3 million people without jobs, which led northerners to lose interest in Reconstruction as they focused on reversing the economic depression. They focused on business, economics, political corruption, and trade, instead of Reconstruction. But between 1869 and 1871, their home rule platform, asserting that good government was run by locals—meaning white Democrats, rather than black or white Republicans—helped end Reconstruction in three important states: Tennessee, Virginia, and Georgia. [4] The railroad industry was the largest employer outside agriculture in the US and involved large amounts of money and risk. The ensuing economic downturn in Britain seems to have been muted – "stagnant" but without a "decline in aggregate output". A special electoral commission voted along party lines—eight Republicans for, seven Democrats against—in favor of Hayes. (2010).

Rival governments arose claiming to recognize Tilden as the rightfully elected President.

In January 1874, over 7,000 protesters congregated in New York City’s Tompkins Square to insist the government make job creation a priority. By 1876, unemployment had risen to a frightening 14 percent.

As the workers began rioting, with reports of looting and attacks on civilians and police, the governor called on US President Rutherford B. Hayes for federal assistance, and Hayes dispatched federal troops. Buda, the old capital of Hungary, and Óbuda were officially united with Pest,[29] thus creating the new metropolis of Budapest in 1873.

Public opinion made it difficult for the Grant administration to develop a coherent policy on the Southern states, and the North began to steer away from Reconstruction. Democrats responded nationally in 1874, running on sound economics and fiscal policy, which allowed them to take control of the House of Representatives.

In the Compromise of 1877 Democrats conceded the presidency to Hayes on the promise that all remaining troops would be removed from the South. The Panic of 1873 triggered the first 'Great Depression' in the United States and abroad. [24][25][26] In 1865, Keglevich and Strousberg had come into direct competition in a project in what is now Slovakia. Meanwhile, the Republican candidate for governor of Ohio, Rutherford B. Hayes, won big without mentioning Reconstruction, focusing instead on honest government, economic recovery, and temperance. Initial protests broke out in Martinsburg, West Virginia, after the Baltimore and Ohio Railroad (B&O) cut workers' pay for the third time in a year. Cooke and other entrepreneurs had planned to build the second transcontinental railroad, the Northern Pacific Railway. The biggest threat to Republican power in the South was violence and intimidation by white conservatives, staved off by the presence of federal troops in key southern cities. [9], Many US insurance companies went out of business, as the deteriorating financial conditions created solvency problems for life insurers. ' fbq('track', 'ViewContent'); Custer led little more than 200 men in an attack on the Sioux Chief Sitting Bull's camp on Montana's Little Bighorn River. Meanwhile, New Departure Democrats gained strength by distancing themselves from pro-slavery Democrats and Copperheads.

The strong increase of port traffic generated a permanent request for expansion. The French also attempted to deal with their economic problems by the implementation of tariffs.


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