Ulysses S. Grant


What other financial crisis occurred during Grant’s time as president?

The Panic of 1873, a worldwide economic depression, occurred during President Grant’s tenure. Eighteen thousand businesses failed, including a quarter of the nation’s railroads. The panic began in the United States with the failure of Jay Cooke & Company, a major bank. Unemployment reached a high of nearly fifteen percent. This panic lasted until 1879.


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