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Panic Of 1873 Essay

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1) The Panic of 1873 was caused due to inflation from the Civil War, over investing, government subsidies and property loss. Many companies produced too much product and then couldn’t sell them. In 1893, the priced of wheat rapidly declined and once again, there overproduction and Europe pulled out much of its investments. Also, many countries had started using the gold standard and the united states was split by the farmers supporting silver and wealthy supporting gold. Both panics showed the dangers of gaps between social classes. In 1873, the government responded with Munn vs. Illinois and said that states could regulate certain businesses. Also, they created the Homestead Act, which sought to expand the recourses for the lower class. In

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