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-there was a failure within Jay Cooke's banking company
-when the company closed it's doors, it's financing of railroads ended
-the railroads involved large amounts of money and risk
-many other companies followed the collapse like a chain reaction
- an economic cloud fell over Ulysses S. Grant's second term
-there was a following series of deteriorating social, political, and economical events
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-Cooke was a banker and financier for the Union Army during the Civil War
-His company handled most of the government’s wartime loans by advertising to sell bonds to people who had never before owned securities
-The firm was the principle backer of the Northern Pacific Railroad, funded railroad businesses
-The disaster began on the side of the Atlantic Ocean near Europe
a Jay Cooke check
Jay Cooke
Jay Cooke's office in Philadelphia
German government
decides to have currency backed by only gold and not silver as well, causing US to follow suite
Coinage Act of 1873 passed forcing US to a de facto gold standard*, creating currency shortage
https://www.google.com/url?sa=i&source=images&cd=&ved=2ahUKEwiGzp30zKPiAhVvGDQIHTQOCUIQjRx6BAgBEAU&url=https%3A%2F%2Fcoins.ha.com%2Fitm%2Ftrade-dollars%2F1878-cc-t-1-ms65-pcgs-the-coinage-act-of-1873-damned-the-silver-dollar-by-omission-rather-than-commission-removing-it-fro%2Fa%2F422-1074.s&psig=AOvVaw3zOlaSjhtP-0-Spf9Ad5E2&ust=1558217995534143
*de facto gold standard-
no longer buy silver at a statutory price or convert silver from the public into silver coins
Beginning in Europe
Failure of Jay Cooke
Shifting to the US
1873
1871
Jay Cooke's company was unable to market money into the thriving railroad bonds, money became sparse for many companies
Railroad Disasters
Panic's end
1879
1873-
1879
Chain reactions set off businesses closing and a railroad strike, with trains stopping all over the country and a market lumber crash
The depression lifted, but tensions lasted. There was a turning against the Republican Party which made them lose power. A huge wave of immigration to the US began.
-New York Stock Exchange closed for ten days
-unemployment rates grew, harder to find jobs
-factories closed doors
-credit dried up
-common foreclosures
-banks and other economic businesses failed
-failure and strike of railroads which stopped trains and transportation across the country
-because of stopped trains, goods and communication did not get transported
-tensions between manufacturing, banking, and business companies
-citizens had to recover from the depression which took time
-many lived in the streets after being unemployed
-positive effect was the wave of immigration that occurred at the depression's end
-public blamed the government and presidency of Ulysses S. Grant for not being able to handle the economy
-there were several political disagreements within the government and between foreign countries
-Republican party lost power because of poor economic conditions
-Otto von Bismark began silver demonetization
-The Vienna Stock Exchange crashes, causing a contraction of the money available for business lending
-Berlin Railway Empire crashes
-Bankruptcies and unemployment in Britain
-Foreign trade drops and overall economy declines
-Recovery was quicker in Europe than US