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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.


Nov
28
reviewed Reject suggested edit on chez-geek tag wiki excerpt
Nov
28
reviewed Approve suggested edit on chez-geek tag wiki
Nov
25
reviewed No Action Needed Does it really matter if dice are randomized?
Nov
25
reviewed Approve suggested edit on Can you use the angel token in conjunction with the rabbits foot
Nov
24
reviewed Approve suggested edit on Can Jelava cast a creature if it has Flash?
Oct
28
reviewed Reviewed Does Phantom Flock still prevent damage if it has no counters left?
Oct
23
reviewed Close For a given development strategy, how do you ensure enough secondary resources?
Oct
23
reviewed Leave Open Organizing a rule book
Oct
23
reviewed Close When and how do you use suit preference signals in bridge?
Oct
23
reviewed Leave Open Which computer board game designer works best for card games?
Oct
23
reviewed Close What is the best way to learn chess strategy and tactics?
Oct
23
reviewed Close Can a 5 year old kid play Legends of Andor?
Oct
20
reviewed Satisfactory Do I need to buy data packs to be competitive?
Oct
20
reviewed Satisfactory Can both monsters in Tokyo yield at the same time after an attack?
Oct
20
reviewed Satisfactory Properly choosing a random discard
Oct
20
reviewed Excellent Choose from discard pile ability: put into play simultaneously?
Oct
20
reviewed Needs Improvement Do the Saar need to wait a whole round to build a Space Dock?
Oct
20
reviewed Satisfactory What is needed to play X-wing with 4 players?
Oct
20
reviewed Satisfactory Removing to Reapply Decals
Oct
20
reviewed Satisfactory Is it possible to have more than one active artifact in Redemption?