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The economy is in fact over-expanded, particularly in railroad construction, and the weak link turns out to be the banking house of Jay Cooke and Company, which helped the U.S. Government finance the Civil War and also underwrote the construction of the Northern Pacific Railroad. Jay Cooke and Company, a large and respected banking house declares itself bankrupt, and announces its failure on September 18, 1873.. (The bank's collapse precipitates the "Panic of 1873" and the ensuing three yea depression during which more than 10,000 businesses fail.     The basic economic problems are overproduction, a declining market and deflation. Investors in Europe, where a depression is already underway, begin to call in American loans. The New York Stock Exchange closes its doors for 10 days; other businesses fail; and railroad construction is curtailed, with some railroads defaulting on their bonds. The unemployed begin to move about the country seeking jobs, and bread lines appear in the cities. The hard times drove numbers of laboring people and those in humble circumstances to the West and other portions of the country, to seek the rewards which the stagnation of business in the great commercial centre denied them.


Mar
14
accepted Does Legacy's Super-human Durability and Fortitude interact?
Feb
21
accepted How likely are you to lose because Fool's Landing sinks into the abyss?
Oct
14
accepted Does the Preacher affect the Booty/Loot on the ship or in a den?
Dec
29
accepted Does a winning strategy exist for Don't Break the Ice?
Nov
16
accepted In what order are replacement effects chosen with respect to damage prevention?
Aug
15
accepted Is it advantageous to go first in Dominion?
Aug
15
accepted Do weak decks win a disproportionate amount of multiplayer FFA games?
Aug
15
accepted What effect does Attack Left vs Attack Right have on MtG multiplayer strategy?
Aug
15
accepted Can I Wish for a card outside my Commander's colors?
Aug
15
accepted What first turn kill in multiplayer FFA provides the best ratios?
Aug
15
accepted Can an opponent make me discard a Miracle card before I cast it, after it is revealed?
Aug
15
accepted How can I play games with closed information with players who cheat?
Jun
21
accepted How many points does a thief score when placed on a tile with a crossing completing multiple roads?
Jun
21
accepted Do you need a solo player variant to make a Print&Play game successful?
Jun
21
accepted Is Loyal Cathar's ability a “delayed triggered ability”?
Jun
21
accepted Does Paelleall's Wrath of the Volcano ability affect Heroes on her tile and the Entrance Tile?
Jun
21
accepted With Print&Play board games, should the focus be beauty or simplicity?
Jun
21
accepted If two fighter's dice all come up with the same numbers, but one character rolls fewer dice, who goes first?
Jun
21
accepted Do you have to reveal your hand when using Treasure Map and not trashing a TM from your hand?
Jun
21
accepted Is kingmaking in multiplayer games a problem that can be fixed?