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The year of 1858 in Illinois stands out because it was the year of the Lincoln-Douglas debates and because of the poor economic situation in Illinois. There was a recession and it deflated land values. Construction on the Illinois Central and Michigan railroads skidded to a halt and the money supply of banknotes fell from $215 million to a low of $155 million. In the city of Chicago over 115 businesses went out of business and investors lost over $6 million. In those days these figures represented substantial amounts of money.

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Q: What was the economic situation in Illinois in 1858?
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