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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An economic downfall made 2 million people lose jobs
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President Johnson was killed
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African-Americans started rioting
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Britain declared war
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Detailed explanation-1: -The Panic of 1873 was an economic depression for six years. The depression was caused by an overambitious investment in railroad construction which led to the stock market crash of 1873. Businesses crashed and unemployment increased at an alarming rate.
Detailed explanation-2: -The Panic of 1873 triggered the first ‘Great Depression’ in the United States and abroad. Lasting from September 1873 until 1878/9, the economic downturn then became known as the Long Depression after the stock market crash of 1929.
Detailed explanation-3: -This collapse was disastrous for the nation’s economy. A startling 89 of the country’s 364 railroads crashed into bankruptcy. A total of 18, 000 businesses failed in a mere two years. By 1876, unemployment had risen to a frightening 14 percent.
Detailed explanation-4: -The following year, Congress passed the Specie Resumption Act of 1875, which would back United States currency with gold. Backing American currency with gold helped curb inflation and stabilize the dollar.