#13 Recessions during the Gilded Age

Panic of 1873

A financial crisis caused by railroad overbuilding, financial speculation, and an inadequate banking system.

Railroad Overbuilding

Massive investments in railroads that exceeded demand, contributing to the Panic of 1873.

Jay Cooke & Company

The largest bank to fail during the Panic of 1873, leading to widespread bank and business failures.

Widespread Unemployment

An effect of the Panic of 1873, resulting in a 14% unemployment rate.

Panic of 1893

A financial crisis triggered by the silver controversy, high tariffs, and farm problems.

Silver Controversy

The debate over the coinage of silver versus the gold standard leading to financial uncertainty during the Panic of 1893.

Unemployment Rate in 1893

Reached 25%, with widespread poverty and homelessness as effects of the Panic of 1893.

Panic of 1907

A financial crisis due to the concentration of wealth, lack of stock market regulation, and a vulnerable banking system.

Knickerbocker Trust

A large investment firm whose collapse during the Panic of 1907 led to a loss of depositor funds and bank bankruptcies.

Federal Reserve System

The central bank created as a response to financial instability following the Panic of 1907.