This closed banks in 1873

Answer 1

The economic turmoil of 1873, often referred to as the Panic of 1873, led to the closure of numerous banks in the United States and Europe. It was triggered by over-speculation in railroads and a subsequent financial crisis, culminating in the failure of major institutions like Jay Cooke & Company. The resulting credit crunch caused widespread bank failures, leading to a prolonged economic depression known as the Long Depression. This period significantly impacted the banking industry and the broader economy.