Distress, Relief, and Discontent in the United States during the Depression of 1873-78

  title={Distress, Relief, and Discontent in the United States during the Depression of 1873-78},
  author={Samuel Rezneck},
  journal={Journal of Political Economy},
  pages={494 - 512}
  • S. Rezneck
  • Published 1 December 1950
  • History, Economics
  • Journal of Political Economy
D URING the week of September I3, i873, the financial market of New York City suffered a series of shocks through the suspension of payments by several banking firms, chief among which was Jay Cooke and Company. By Saturday, September 20, a fullfledged panic had developed, and the New York Stock Exchange was closed for ten days. The New York City banks, serving as the central reserve depositaries of the national banking system, also came under the heavy pressure of cash withdrawals by country… 

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