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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.


Oct
20
reviewed Satisfactory Countering the enchanting of a creature
Oct
14
reviewed Close End of abilities given off by creatures
Oct
14
reviewed No Action Needed How do you play Winter Tales (in a non-gamist manner)?
Oct
14
reviewed Approve suggested edit on Stranded on a tile in Forbidden Island
Oct
13
reviewed Approve suggested edit on What are rules for an overcall that have wide acceptance?
Sep
28
reviewed Reject suggested edit on Name of card game similar to hearts
Sep
26
reviewed Reject suggested edit on Can I still capture a territory if I lose all my land units in combat?
Sep
21
reviewed Close When are additional Dominion actions chosen?
Sep
21
reviewed Approve suggested edit on What does “float mana” typically mean?
Sep
10
reviewed Approve suggested edit on mice-and-mystics tag wiki excerpt
Sep
6
reviewed Approve suggested edit on How do you handle two epidemics in a row in pandemic?
Aug
28
reviewed Approve suggested edit on Can you remove a 'Personal Workshop' 'Power Counter' during an encounter with ICE?
Aug
28
reviewed Reviewed Online resources for learning/practicing bridge
Aug
28
reviewed Delete Is there a good casual online place to practice/learn bridge?
Aug
28
reviewed Close Online resources for learning/practicing bridge
Aug
9
reviewed Approve suggested edit on When does Thorncaster Sliver's ability resolve?
Jul
28
reviewed Reject suggested edit on stone stacking game
Jul
25
reviewed Reviewed When should I buy copper in Dominion?
Jul
25
reviewed Reviewed Differences between Dixit versions?
Jul
25
reviewed Reviewed Starting a Skaven army: Pros and Cons?