U.S. Census Bureau Daily Feature for September 14: 1873 Financial Panic

WASHINGTON, Sept. 14, 2015 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:

1873 FINANCIAL PANIC

Profile America — Monday, September 14th. The stubborn economic difficulties the nation is experiencing began seven years ago today, and may seem unique. But they have their antecedents in history. Most of us are familiar with the Great Depression of the 1930s. But 142 years ago, the nation was struck by the Panic of 1873, now called the Long Depression. It started because of a collapse in the demand for silver in Europe, and spread around the world. In the U.S., banks failed, railroads went bankrupt, factories closed, and unemployment soared. The depression dragged on until 1879. Demand for silver rebounded, and today in the U.S., nearly a $650 million worth of silver ore is extracted annually by 13 mining establishments. You can find more facts about America from the U.S. Census Bureau online at www.census.gov.

Sources:
2008 financial crisis: http://www.sourcewatch.org/index.php?title=Financial_Crisis_2008_Timeline
Panic of 1873: http://www.buzzle.com/articles/panic-of1873.html
Causes and effects: http://en.wikipedia.org/wiki/Panic_of_1873    
Silver ore mining/ NAICS 212222: http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ECN_2012_US_21I1&prodType=table

Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on the Internet at http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button). 

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SOURCE U.S. Census Bureau

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