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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
23
answered +1/+1 counter, where does it go when my adversary bolts it's target?
Mar
11
answered Is there a limit to a player's hand size in Summoner Wars?
Mar
4
answered Can the Herald put itself on top of your draw deck?
Mar
3
asked Can the Herald put itself on top of your draw deck?
Feb
12
asked What is your average VP score rolling 2 versus 4 dice after an initial 3322xx roll?
Feb
11
answered Can Japanese Cards be played if using an English based Deck?
Feb
10
answered Do I have to move all units in the area I have attacked?
Feb
5
answered Can Bear Hug force a player to destroy an Incorporeal minion?
Jan
31
answered Penalty For Skipping Priority
Jan
26
answered When can an Ætherling use its blinking ability?
Jan
26
answered If you have multiple wonders do you get multiple special powers?
Jan
25
answered A&A surprise strike on loaded aircraft carrier
Jan
24
answered Questions about the game-play of Cluedo
Jan
24
answered When do routed units capture a castle/stronghold
Jan
20
answered In Elder Sign, does the “Bind Monster” card avoid an Ancient One effect?
Jan
20
answered Destroying minions with extra power
Jan
12
answered Does a Life Gain deck have any hope against a Stigma Lasher?
Jan
12
answered Can a Hero Event be used on another Hero player?
Jan
12
asked Can a Hero Event be used on another Hero player?
Jan
12
answered Can the first zombie player spawn the second zombie player's zombies?