10/16/2023 0 Comments Golden Age of Illinois farmingRailroads had expanded rapidly in the nineteenth century, and investors in many early projects had earned high returns. The Panic of 1873 arose from investments in railroads. A cartoon of a giant figure named 'Panic' clearing garbage on Wall Street, 1873 (Library of Congress Prints and Photographs Division, LC-DIG-ds-04513) A companion essay discusses the Panic of 1907, the shock that finally spurred financial and political leaders to consider reforming the monetary system and eventually establish the Federal Reserve. This essay details the crises in 1873, 1884, 1890, and 1893 this set includes all of the crises that disrupted or threatened to disrupt the national banking and payments system. Regional panics also struck the midwestern states of Illinois, Minnesota, and Wisconsin in 1896 the mid-Atlantic states of Pennsylvania and Maryland in 1903 and Chicago in 1905. The panics in 1873, 1893, and 1907 spread throughout the nation. The panics in 1884, 1890, 1899, 1901, and 1908 were confined to New York and nearby cities and states. Between 18, eight banking panics occurred in the money center of Manhattan. monetary and banking system expanded swiftly and seemed set on solid foundations but was repeatedly beset by banking crises.Īt the time, like today, New York City was the center of the financial system. In financial history, the term refers to the era between the passage of the National Banking Acts in 1863-64 and the formation of the Federal Reserve in 1913. Mark Twain and Charles Dudley Warner popularized the term, using it as the title of their novel The Gilded Age: A Tale of Today, which satirized an era when economic progress masked social problems and when the siren of financial speculation lured sensible people into financial foolishness. history spans from roughly the end of the Civil War through the very early 1900s.
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