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Evolution of the Nation

A major economic reversal began in Europe and reached the United States in the fall of 1873. The signal event on this side of the Atlantic was the failure of Jay Cooke and Company, the country's preeminent investment banking concern. The firm was the principal backer of the Northern Pacific Railroad and had handled most of the government's wartime loans. (Bancroft, 1902).
Cooke's fall touched off a series of events that encompassed the entire nation. The New York Stock Exchange was closed for 10 days. Credit dried up, foreclosures were common and banks failed. Factories closed their doors, costing thousands of workers' jobs. The volume of destitute people soon overwhelmed the abilities of charities to function. Most of the major railroads failed. (Bancroft, 1902).
The public tended to blame President Grant and Congress for mishandling the economy. The causes were much broader, however. The postwar period was one of frenetic, unregulated......

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Approximate Word Count: 1878
Approximate Pages: 8 (250 words per double-spaced page)