RECONSTRUCTION 1865 1877
THE RECONSTRUCTION ERA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
The president was impeached for allowing a depression
|
|
|
More positive social change was made
|
|
|
The Republicans unity began to break and became non-influential in the south
|
|
|
5 year depression and a focus of attention to the north, away from the south
|
Detailed explanation-1: -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-2: -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-3: -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.
Detailed explanation-4: -As a result of the panic, stock prices declined. Five hundred banks closed, 15, 000 businesses failed, and numerous farms ceased operation. The unemployment rate hit 25% in Pennsylvania, 35% in New York, and 43% in Michigan.