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SATURDAY, SEPTEMBER 14: 1873 FINANCIAL PANICProfile America —
Saturday, September 14th.
The ongoing economic difficulties the nation is experiencing began five years ago today, and may seem unique. But they have their antecedents in history. Most of us are familiar with the Great Depression of the 1930s, and 140 years ago, the nation was struck by the Panic of 1873, now called the Long Depression. It started because of a collapse in the demand for silver in
Europe and spread around the world. In the U.S., banks failed, railroads went bankrupt, factories closed, and unemployment soared. The chaos caused the New York Stock Exchange to close for 10 days in late September that year. The depression dragged on until 1879. Demand for silver rebounded, and in the U.S., nearly 1,300 metric tons are mined annually. You can find more facts about America from the U.S. Census Bureau, online at
Sources: Statistical Abstract of
the United States 2012, t. 905
Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on the Internet at
http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button).
SOURCE U.S. Census Bureau