What caused the recession of 1870?
American inflation, rampant speculative investments (overwhelmingly in railroads), the demonetization of silver in Germany and the United States, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870–1871), and major property losses in the Great Chicago Fire (1871) and the Great …
What was the significance of the panic of 1873?
The Panic of 1873 triggered the first ‘Great Depression’ in the United States and abroad. Lasting from September 1873 until 1878/9, the economic downturn then became known as the Long Depression after the stock market crash of 1929. Currency in the nineteenth century was based on specie.
What was the biggest cause of the depression of 1873?
Banks and other industries were putting their money in railroads. So when the banking firm of Jay Cooke and Company, a firm heavily invested in railroad construction, closed its doors on September 18, 1873, a major economic panic swept the nation.
Who was blamed for the long depression?
Herbert Hoover (1874-1964), America’s 31st president, took office in 1929, the year the U.S. economy plummeted into the Great Depression. Although his predecessors’ policies undoubtedly contributed to the crisis, which lasted over a decade, Hoover bore much of the blame in the minds of the American people.
Was there a recession in 1870?
Though a period of general deflation and a general contraction, it did not have the severe economic retrogression of the Great Depression….Course of the depression.
What was the longest recession in US history?
Great Depression onward
|Name||Period Range||Duration (months)|
|Great Depression||Aug 1929–Mar 1933||3 years 7 months|
|Recession of 1937–1938||May 1937–June 1938||1 year 1 month|
|Recession of 1945||Feb 1945–Oct 1945||8 months|
|Recession of 1949||Nov 1948–Oct 1949||11 months|
What caused the panic of 1873 and its results?
The panic of 1873 was a result of over-expansion in the industry and the railroads and a drop in European demand for American farm products and a drop off of European investment in the US. Huge amounts of money were required to build railroad whose profitability were often far in the future.
Who took the blame for the financial panic and depression?
Martin Van Buren, who became president in March 1837, was largely blamed for the panic even though his inauguration had preceded the panic by only five weeks.
Was there a depression in 1820?
The Panic of 1819 was the first widespread and durable financial crisis in the United States. It was followed by a general collapse of the American economy that persisted through 1821.
What was the longest economic depression?
Great Depression, worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory.
What was the worst economic crisis in history?
- Depression of 1920–21, a U.S. economic recession following the end of WW1.
- Wall Street Crash of 1929 and Great Depression (1929–1939) the worst depression of modern history.
What is the longest recession in US history?
The two greatest recessions in U.S. history, the Great Depression of the early 1930s and the Great Recession of the late 2000s, saw the stock market suffer tremendous losses and unemployment rise, reaching 24.9% during the Great Depression.
Who was the superintendent of census in 1870?
Compiled, from the original returns of the Ninth Census (June 1, 1870), under the direction of the Secretary of the Interior, by Francis A. Walker, Superintendent of Census. Table II. Population, 1870-1790, in each State and Territory, by Counties,
How was demographic information recorded for the 1870 census?
For the 1870 census, enumerators recorded demographic information on the following topics, organized by column number: Number of dwelling house, by order of visitation from enumerator Number of family, by order of visitation from enumerator
How was the population of Germany divided in 1870?
Foreign-born Population, distributed according to Place of Birth among the Principal Foreign Countries, by States and Territories, 1870 Table XV. German Population, distributed according to Place of Birth among the Principal States and Free Cities of Germany, by States and Territories, 1870 Table XVI.
When did the Long Depression start in the United States?
In the United States, the Long Depression began with the Panic of 1873. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879.