Wednesday, May 11, 2011
The Depression of 1873 - Aiden Dummigan - Lia Kashuba - Haven Brice - Tara's Class
The Depression of 1873 was part of an economic depression in both Europe and the US. It started because silver lost its demand. That led to Germany not basing their currency on silver anymore. Otto von Bismarck stopped minting silver and started minting only gold. That caused much economic all over Europe. That affected the US because we did lots of business with Europe and it cut off lots of business which led people in the US to lose lots of money. It was from 1873 until 1879. It was in Europe and the US. The winners were the people that owned gold. The losers where the people that lost lots of money. It tore the nation apart because people were mad that other people made them lose money. It affected life today because gold is more valuable than silver today.