The Panic Years

Our economy has suffered over the last few years, but our elders that lived through the depression of 1929 can attest that they have seen worse. After reading through some old history books I found in some antique stores, I can honestly say that 1873 seemed far worse than the depression era of 1929. Why is it that no one speaks of that panicky year of financial instability?

In 1873, stocks depreciated more than two hundred million dollars. New York alone saw nine hundred people starve to death while  thirteen hundred citizens died of violent deaths.

The Children’s Aid Society provided shelter to over eleven thousand homeless boys, while thousands more didn’t receive any help. Three thousand infants were found abandoned on their doorsteps and more than one hundred babies were found dead in dumps and ash-barrels.

Businesses failed by thousands, hundreds of thousands of laborers lost their jobs, diseases and crime increased, and the nation faced disastrous poverty. After all this, plus the depression era of 1929, why can’t America learn from its mistakes?

 

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