Preoccupied with the harsh realities of falling farm prices, wage cuts, unemployment, and labor strikes, the North became less and less concerned with addressing racism in the South. The End of Reconstruction Reconstructed ended when national attention turned away from the integration of former slaves as equal citizens enabling white Democrats to recapture southern politics. Custer led little more than 200 men in an attack on the Sioux Chief Sitting Bull's camp on Montana's Little Bighorn River. As a cadet at West Point, Ulysses S. Grant considered General Winfield Scott "the finest specimen of manhood my eyes had ever beheld.". Cooke's firm was the financial agent in this venture, and poured money into it.

On the eve of the 1876 Presidential election, the nation still reeling from depression, the Grant administration found itself no longer able to intervene in the South due to growing national hostility to interference in southern affairs. [citation needed] A comparison of capital formation rates in both countries helps to account for the different industrial growth rates. Get the latest on new films and digital content, learn about events in your area, and get your weekly fix of American history. They were met with brutality as police dispersed the crowd, and consequently the unemployment movement lost much of its steam. War weary from nearly a decade of bloody military and political strife, so-called Stalwart Republicans turned from idealism, focusing their efforts on economics and party politics. After the death of Thaddeus Stevens in 1868 and the political alienation of Charles Sumner by 1870, Stalwart Republicans assumed primacy in Republican Party politics, putting Reconstruction on the defensive within the very party leading it. Euphoria over the military victory against France in 1871 and the influx of capital from the payment by France of war reparations fueled stock market speculation in railways, factories, docks, steamships, the same industrial branches that expanded unsustainably in the United States.

West Virginia Governor Henry M. Mathews sent the militia, under Colonel Charles J. Faulkner, to restore order but was unsuccessful, largely because the militia sympathized with the workers. Still, many corporations were able to reduce production costs and achieve better productivity rates, with industrial production increasing by 40% in Britain and by over 100% in Germany. By 1876, unemployment had risen to a frightening 14 percent.

Lasting from September 1873 until 1878/9, the economic downturn then became known as the Long Depression after the stock market crash of 1929. Paul Kleppner, "The Greenback and Prohibition Parties," in Arthur M. Schlesinger (ed.). Post-Napoleonic Irish grain and cropland price shocks, 2011 Tōhoku earthquake and tsunami stock market crash, 2015–2016 Chinese stock market turbulence, List of stock market crashes and bear markets, https://en.wikipedia.org/w/index.php?title=Panic_of_1873&oldid=982904855, History of rail transportation in the United States, Articles with German-language sources (de), Articles needing additional references from May 2018, All articles needing additional references, Articles with unsourced statements from September 2011, Creative Commons Attribution-ShareAlike License, This page was last edited on 11 October 2020, at 02:28. var googletag = googletag || {}; Foreign Relations in the Gilded Age: A British Free-Trade Conspiracy? Wikimedia. [13] By November 1873, some 55 of the nation's railroads had failed, and another 60 had gone bankrupt by the first anniversary of the crisis. The Panic of 1873 triggered the first 'Great Depression' in the United States and abroad. The general demonetisation and cheapening of silver caused the Latin Monetary Union in 1873 to suspend the conversion of silver to coins. Across the country, but especially in the South business failures, unemployment, and tightening credit heightened class and racial tensions and … Kinga Frojimovics, Géza Komoróczy, Jewish Budapest: monuments, rites, history, Central European University Press, 1999 p.67.



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