What was the economic and social impact of the Panic of 1873?
Textbook Excerpt
Textbooks differ in their treatment of the Panic in significant ways. Most tie the depression to the national political controversies surrounding Reconstruction. Too often, textbooks combine the Panic with the political scandals which rocked the Grant administration. While certainly a source of the political crisis facing Republicans in the 1870s, the roots of the Panic run far deeper than merely Grant’s poor political skills.
Source Excerpt
Limited by the amount of gold held in the U.S. Treasury, access to currency and credit contracted sharply, interest rates skyrocketed, and investors were forced to pay off their high stakes gambles (made with cheap paper dollars) with hard-earned gold. Sources bring to light the integral nature of bimetallist theory and its effect on the economy rather than the political climate and scandal that surrounded the Federal Government.
Historian Excerpt
The Panic of 1873 stands as the first global depression brought about by industrial capitalism. It began a regular pattern of boom and bust cycles that distinguish our current economic system and which continue to this day. While the first of many such market “corrections,” the effects of the downturn were severe and, in 1873, unexpected. In 1873 modern economic adjustments were unknown and the ability of national authorities to control the money supply was immature. As a result, the Panic of 1873 led to the longest recorded economic downturn in modern history.
Abstract
Most Americans are familiar with the Great Depression, beginning in 1929, and the economic safety nets established in response to the crisis, such as Social Security and the right to collective bargaining, from 1933 to 1938. Some know of the equally dire economic conditions, starting in 1893, and how this spurred federal progressives like Teddy Roosevelt, William Howard Taft, and Woodrow Wilson to strengthen public oversight of corporate trusts, child labor, banking, monetary policy, and tariffs. Yet almost no one knows of the profound economic collapse that struck the United States following the Civil War or its equally substantial effect upon the social and political trajectory of the nation. The Panic of 1873 began in Europe, but quickly spread to the United States producing 65 months of depressed economic conditions.
Video background from The Library of Congress Webcasts site:
"The wives of Woodrow Wilson were strikingly different from each other. Ellen Axson Wilson, quiet and intellectual, died after just a year and a half in the White House and is thought to have had little impact on history. Edith Bolling Wilson was flamboyant and confident but left a legacy of controversy. Kristie Miller discusses them, the subject of her new book."
"This course examines the lives, character, political thought and political practice of two of America's leading thinkers and statesmen, viz., James Madison and Woodrow Wilson. Close attention will be given to the relationship between ideas and actions in their political careers."
"Teachers may choose to receive two hours of Master's degree credit from Ashland University. This credit can be used toward the new Master of American History and Government offered by Ashland University or may be transfered to another institution. The two credits will cost $440."
"The transition to an industrial economy posed many problems for the United States. This course examines those problems and the responses to them that came to be known as progressivism. The course includes the study of World War I as a manifestation of progressive principles. The course emphasizes the political thought of Theodore Roosevelt, Woodrow Wilson, and their political expression of progressive principles."
"Teachers may choose to receive two hours of Master's degree credit from Ashland University. This credit can be used toward the new Master of American History and Government offered by Ashland University or may be transfered to another institution. The two credits will cost $440."
"The transition to an industrial economy posed many problems for the United States. This course examines those problems and the responses to them that came to be known as progressivism. The course includes the study of World War I as a manifestation of progressive principles. The course emphasizes the political thought of Theodore Roosevelt, Woodrow Wilson, and their political expression of progressive principles."
"Teachers may choose to receive two hours of Master's degree credit from Ashland University. This credit can be used toward the new Master of American History and Government offered by Ashland University or may be transfered to another institution. The two credits will cost $440."
"This seminar will trace Woodrow Wilson’s evolution as a world leader. A novice in foreign affairs when he entered the White House, he ardently championed U.S. neutrality for the first two years of the war, then joined it on the side of the Allies but insisted on American command of American troops. Admired throughout the world by the end of the war, Wilson figured prominently in the peacemaking and pressed for a new world order in which nationalism would be tamed by internationalism. To that end, he persuaded the world to establish the League of Nations, and although he could not persuade his own nation to join, the main tenets of his new order (collective security, national self-determination, and the spread of democracy) remain central to American foreign policy."
"Participants who complete the seminar in a satisfactory manner will receive a certificate. Teachers may use this certificate to receive in-service credit, subject to the policy of their district. No university credit is offered for the course."
This workshop will use the Choices program's unit "To End All Wars: World War I and the League of Nations Debate" as a jumping-off point for discussing Woodrow Wilson's presidency, the League of Nations, and WWI, as well as how they may be taught.
This workshop will use the Choices program's unit "To End All Wars: World War I and the League of Nations Debate" as a jumping-off point for discussing Woodrow Wilson's presidency, the League of Nations, and WWI, as well as how they may be taught.
This workshop will use the Choices program's unit "To End All Wars: World War I and the League of Nations Debate" as a jumping-off point for discussing Woodrow Wilson's presidency, the League of Nations, and WWI, as well as how they may be taught.
This website provides access to more than 5,700 documents surrounding Wilson and Wilson's family's personal life and work, including letters, speeches, notes, political cartoons, newspaper articles, and personal papers. All documents are keyword searchable and browseable by several topics, including debate, health, League of Nations, Paris Peace Conference, sport, and World War I. Much of Wilson's personal correspondence is included here, documenting his discussions with correspondents such as his wives Ellen Axson Wilson and Edith Bolling Wilson, and personal aide Cary Grayson. Featured documents include several of Wilson's most famous speeches: "Peace Without Victory" on the eve of World War I, "Fourteen Points for Peace," and "Women's Suffrage Amendment" in 1918. Useful both for those interested in Wilson's life and work, as well as those interested in early 20th-century U.S. political and social history, and foreign policy.
