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Panic of 1873

Panic of 1873. By: Sonia Lee. THESIS : The Panic of 1873, could have less of a tragedy if Jay Cooke’s Company survived.

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Panic of 1873

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  1. Panic of 1873 By: Sonia Lee

  2. THESIS: The Panic of 1873, could have less of a tragedy if Jay Cooke’s Company survived.

  3. Questions:1. What caused the Panic of 1873?2. What are different factors that affected the Panic of 1873?3. Do you think if Jay Cooke’s Bank had not of become bankrupt there would have not been a chain reaction of business failures? 4. How did other countries affect the economic downfall of the Panic of 1873 in the US?

  4. Panic of 1873 The Panic of 1873 was caused by many different factors such as the failure of Jay Cooke & Company and the fall in demand of silver. This set off a chain reaction of bank failures such as Henry Clew’s Bank. Also, this caused the New York Stock Exchange to close temporarily. Many factories had to lay off workers, which caused unemployment rates to raise to 14% by 1876.

  5. How did other countries affect the United States of America during this time? • In 1871, Germany decided to get rid of using silver coins, this caused the drop for demand in these coins. The United States, was apart of this dilemma, because they mined and supplied there silver to Germany. Because of this the “Coinage Act of 1873” was created, also called “The Crime of 73” in the United States. People who usually had heavy amounts of debt were hurt by this because this act raised interest rates.

  6. How else did the Panic of 1873 affect the United States? The Panic of 1873 affected many people who owned businesses. Over 18,000 franchises went out of business during this period of time. The U.S. had 364 railroads during this time and 89 went bankrupt. Also, the depression caused many wages to be cut, construction then stopped, and real estate value decreased.

  7. QUIZ TIME!

  8. What was the company that started the chain reaction bankruptcies?

  9. Jay Cooke & Company

  10. What country decided to terminate the use of silver coins in 1871?

  11. GERMANY

  12. What year did the panic take place in?

  13. 1873

  14. Bibliography Babson, Roger W. “The Recovery from the Great Panic of 1873.” New York Times  9 Apr. 1911: n. pag. Print. Bank Run 30 June 1981: n. pag. Print. Black Friday Stock Exchange. September 19, 1873. Supplement Frank Leslie’s Ilustrated 19 Sept. 1873: n. pag. Print. Calman, David. THE NATURE AND ORIGINS OF JAPANESE IMPERIALISM. 1992. New York: Routeledge, 1992. Questia Online Library. Web. 15 Nov. 2011. <http://www.questiaschool.com/​PM.qst?a=o&d=103900280>. Cooke, Jay. Youth Curfew (Apr. 1865). Print. Fincial Depiction. September 19, 1873. Not Listed [New York City] 19 Sept. 1873: n. pag. Print. Lelsie, Frank. The Panic-The Run on the Fourth National Bank. 1873. Wikipedia . Web. 10 Nov. 2011. <http://en.wikipedia.org/​wiki/​File:Panic_of_1873_bank_run.jpg>. Peters, Gerhard. “State of the Union Addresses and Messages .” 2011. The American Presidency Project. Web. 21 Nov. 2011. <http://www.presidency.ucsb.edu/​sou.php#axzz1eNAUtrZS>. “Presidential Inogeration.” The Library of Congress. N.p., n.d. Web. 21 Nov. 2011. <http://memory.loc.gov/​ammem/​pihtml/​pihome.html>. Westondorf, Thomas. I’ll Take You Home Again, Kathleen. 1876. Musical composition. Wien, SchwarzerFreitag. Black Friday. 1873. Wood Engraving. Work, Henry Clay. Grandfather Clock. 1876. Musical composition.

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