RECONSTRUCTION 1865 1877
RECONSTRUCTIONS EFFECTS ON AFRICAN AMERICANS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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False
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True
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Either A or B
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None of the above
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Detailed explanation-1: -The Panic of 1873 One of the worst happened in 1873 – during the time of the Freedman’s Bank. The panic started with a problem in Europe, when the stock market crashed. Investors began to sell off the investments they had in American projects, particularly railroads.
Detailed explanation-2: -The Panic of 1893 was a national economic crisis set off by the collapse of two of the country’s largest employers, the Philadelphia and Reading Railroad and the National Cordage Company. Following of the failure of these two companies, a panic erupted on the stock market.
Detailed explanation-3: -The Panic of 1873 was blamed for setting off the economic depression that lasted from 1873 to 1879. This period was called the Great Depression, until the even greater depression of 1893 received that label, which it held until the even greater contraction in the 1930s-now known as the Great Depression.
Detailed explanation-4: -The fatal spark for the Panic of 1873 was also tied to railroad investments-a major bank financing a railroad venture announced that it would suspend withdrawals. As other banks started failing, consumers and businesses pulled back and America entered what is recorded as the country’s longest depression.