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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.


Sep
16
reviewed Reviewed Is there much strategy and planning in 7-Wonders or is mostly luck?
Sep
16
reviewed Reviewed Should I shuffle the Zombicide zombie “deck”
Sep
16
reviewed Reviewed Where to play Go online?
Sep
16
reviewed Reviewed Where to play Go online?
Sep
16
reviewed Reviewed Can you use Trader to gain a Silver instead of a Farmland, but still get the buy side-effects of Farmland?
Sep
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reviewed Approve suggested edit on When should you take a scholar early in “In The Year of the Dragon”?
Sep
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reviewed Delete Warhammer 40K backstory
Sep
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comment Warhammer 40K backstory
While this link may answer the question, it is better to include the essential parts of the answer here and provide the link for reference. Link-only answers can become invalid if the linked page changes.
Sep
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revised What are Riggers and Contraptions in MTG and how do I assmble them? (Steamflogger boss question)
deleted 79 characters in body
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revised What are Riggers and Contraptions in MTG and how do I assmble them? (Steamflogger boss question)
added 214 characters in body
Sep
11
answered What are Riggers and Contraptions in MTG and how do I assmble them? (Steamflogger boss question)
Sep
11
comment When is it ok to king-make?
possible duplicate of Is kingmaking in multiplayer games a problem that can be fixed?
Sep
11
answered Does assassination nullify the bishop's protection?
Sep
4
answered What can I do with my late game mana in Commander
Sep
4
answered When can abilities be used in Elder Sign?
Sep
4
answered What happens if I use Sudden Disappearance?
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answered Is the zombie lord a zombie?
Sep
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reviewed Leave Open Is there a complete database of Pokémon data?
Aug
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revised Can you Clone a creature with protection or shroud?
Brevity
Aug
30
revised Can you Clone a creature with protection or shroud?
added 2 characters in body