- published: 17 Oct 2008
- views: 10245
The Panic of 1873 triggered a severe international economic depression in both Europe and the United States that lasted until 1879, and even longer in some countries. The depression was known as the Great Depression until the 1930s, but is now known as the Long Depression. The panic was caused by the fall in demand for silver internationally, which followed Germany's decision to abandon the silver standard in the wake of the Franco-Prussian war.
In 1871, Otto von Bismarck extracted a large indemnity in gold from France and ceased minting silver thaler coins. The first symptoms of the crisis were financial failures in the Austro-Hungarian capital, Vienna, which spread to most of Europe and North America by 1873. It was one of a series of economic crises in the 19th and early 20th centuries. In Britain, the result was two decades of stagnation known as the "Long Depression", which weakened Britain's economic leadership in the world.
The American Civil War was followed by a boom in railroad construction. 33,000 miles (53,000 km) of new track were laid across the country between 1868 and 1873. Much of the craze in railroad investment was driven by government land grants and subsidies to the railroads. At that time, the railroad industry was the nation's largest employer outside of agriculture, and it involved large amounts of money and risk. A large infusion of cash from speculators caused abnormal growth in the industry as well as overbuilding of docks, factories and ancillary facilities. At the same time, too much capital was involved in projects offering no immediate or early returns.
Glenn Edward Lee Beck (born February 10, 1964) is an American conservative radio host, vlogger, author, entrepreneur, political commentator and former television host. He hosts the Glenn Beck Program, a nationally syndicated talk-radio show that airs throughout the United States on Premiere Radio Networks. He formerly hosted the Glenn Beck television program, which ran from January 2006 to October 2008 on HLN and from January 2009 to June 2011 on the Fox News Channel. Beck has authored six New York Times–bestselling books. Beck is the founder and CEO of Mercury Radio Arts, a multimedia production company through which he produces content for radio, television, publishing, the stage, and the Internet. It was announced on April 6, 2011, that Beck would "transition off of his daily program" on Fox News later in the year but would team with Fox to "produce a slate of projects for FOX News Channel and FOX News' digital properties". Beck's last daily show on the network was June 30, 2011. In 2012, The Hollywood Reporter named Beck on its Digital Power Fifty list.