"Outlook of the future from the standpoint of the industrial classes" article
Collection — Folder: S3432
Identifier: S3432
Scope and Contents
This collection contains one article entitled "Outlook of the future from the standpoint of the industrial classes" written in Indianapolis in September of 1878.
Dates
- 1878 September
Conditions Governing Access
This collection is open for research.
Conditions Governing Use
Legal title, copyright, and literary rights reside with Rare Books and Manuscripts, Indiana State Library, Indianapolis, IN. All requests to publish or quote from manuscripts must be submitted to Rare Books and Manuscripts.
Biographical / Historical
"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.
Currency in the nineteenth century was based on specie. Metal money circulated, and banks issued paper banknotes backed by the supply of gold and silver. In the United States, this system began breaking down in the face of financing the Civil War. President Lincoln authorized the printing of paper money, called "Greenbacks," to pay ballooning expenses. Widespread use of fiat External Link money continued into the Reconstruction Era, fueling the rapid expansion of railroads and wild speculation.
The Great Financial Panic of 1873 - Closing the door of the Stock Exchange on its members, Saturday, Sept. 20th. Caption: above: The Great Financial Panic of 1873 - Closing the door of the Stock Exchange on its members, Saturday, Sept. 20th Prints & Photographs Division Library of Congress Reproduction number: LC-USZ62-37423 Banks, especially Jay Cooke and Co. External Link, raised millions of dollars through selling bonds to finance construction. Speculators 'bet' on the railroad, gambling on the fact that settlement and opportunities to make money would follow behind the completed railway. However, construction expenses ballooned and outpaced financing. Efforts to raise more funding failed. When they could no longer pay the bills, Jay Cooke and Co. and other banking houses folded. The collapse of the railway financiers sparked high bank withdrawals, the failure of brokerage firms, and railway construction halted. By September 20th, the New York Stock Exchange suspended trading for the first time."
Source: Lovas, Nancy, "The Panic of 1873", Business Reference Services, Library of Congress, August 2017. Accessed March 19, 2019. https://www.loc.gov/rr/business/businesshistory/September/Panic1873.html.
Currency in the nineteenth century was based on specie. Metal money circulated, and banks issued paper banknotes backed by the supply of gold and silver. In the United States, this system began breaking down in the face of financing the Civil War. President Lincoln authorized the printing of paper money, called "Greenbacks," to pay ballooning expenses. Widespread use of fiat External Link money continued into the Reconstruction Era, fueling the rapid expansion of railroads and wild speculation.
The Great Financial Panic of 1873 - Closing the door of the Stock Exchange on its members, Saturday, Sept. 20th. Caption: above: The Great Financial Panic of 1873 - Closing the door of the Stock Exchange on its members, Saturday, Sept. 20th Prints & Photographs Division Library of Congress Reproduction number: LC-USZ62-37423 Banks, especially Jay Cooke and Co. External Link, raised millions of dollars through selling bonds to finance construction. Speculators 'bet' on the railroad, gambling on the fact that settlement and opportunities to make money would follow behind the completed railway. However, construction expenses ballooned and outpaced financing. Efforts to raise more funding failed. When they could no longer pay the bills, Jay Cooke and Co. and other banking houses folded. The collapse of the railway financiers sparked high bank withdrawals, the failure of brokerage firms, and railway construction halted. By September 20th, the New York Stock Exchange suspended trading for the first time."
Source: Lovas, Nancy, "The Panic of 1873", Business Reference Services, Library of Congress, August 2017. Accessed March 19, 2019. https://www.loc.gov/rr/business/businesshistory/September/Panic1873.html.
Extent
0.01 Cubic Feet (1 folder)
Language of Materials
English
Arrangement
This collection consists of one item.
Custodial History
This collection was received by Rare Books and Manuscripts as a donation.
Accruals
No further additions are expected.
Processing Information
Collection processing completed 2019/03/19 by Lauren Patton. EAD finding aid created 2019/03/19 by Lauren Patton.
- Title
- "Outlook of the future from the standpoint of the industrial classes" article
- Status
- Completed
- Description rules
- Describing Archives: A Content Standard
- Language of description
- English
- Script of description
- Latin
Repository Details
Part of the Rare Books and Manuscripts Repository
Contact:
140 North Senate Avenue
Indianapolis, Indiana 46204 U.S.A.
317-232-3671
140 North Senate Avenue
Indianapolis, Indiana 46204 U.S.A.
317-232-3671
