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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
28
reviewed Close Are these decks going to be playable?
Mar
28
reviewed Reject suggested edit on How should I approach teaching Magic:The Gathering to a new player?
Mar
28
reviewed Reject suggested edit on After using Act of Treason and Cloudshift, does a creature re-enter the battlefield under my control?
Mar
28
reviewed Reject suggested edit on How should I approach teaching Magic:The Gathering to a new player?
Mar
2
reviewed Close Whats the perfect set for Agricola solo series using E, I, and K decks?
Feb
26
reviewed No Action Needed Good General Strategies for Agricola?
Feb
24
reviewed No Action Needed Why does an open pinfu get 2 extra fu added to the score?
Feb
24
reviewed No Action Needed Where can I play Phase 10 online?
Feb
24
reviewed No Action Needed Unsporting trades in the end-game of settlers of Catan
Feb
21
reviewed Leave Closed Where can i sell my CCG cards?
Feb
21
reviewed Leave Closed What are good standard tactics for Dominion?
Feb
21
reviewed Leave Open What should I be trying to do strategically in Through the Ages?
Feb
21
reviewed Close morphing jar in a chaos dragon-like deck. yes or no?
Feb
21
reviewed Approve suggested edit on Leyline of the Void and exiling stolen permanents
Feb
10
reviewed No Action Needed Why are Shocklands better than Guildgates?
Feb
10
reviewed No Action Needed Settlers of Catan play takes hours
Feb
10
reviewed No Action Needed What's a good source of generic pieces/components?
Feb
10
reviewed Leave Closed Does Monopoly involve skill to a considerable degree?
Feb
7
reviewed Delete Board game boxes
Feb
7
reviewed No Action Needed Are there specific deck combinations to avoid in Smash Up?