Monday Open Line


The stubborn economic difficulties the nation is experiencing began seven years ago today, and may seem unique. But they have their antecedents in history. Most of us are familiar with the Great Depression of the 1930s. But 142 years ago, the nation was struck by the Panic of 1873, now called the Long Depression. It started because of a collapse in the demand for silver in Europe, and spread around the world. In the U.S., banks failed, railroads went bankrupt, factories closed, and unemployment soared. The depression dragged on until 1879. Demand for silver rebounded, and today in the U.S., nearly a $650 million worth of silver ore is extracted annually by 13 mining establishments. You can find more facts about America from the U.S. Census Bureau online at <www.census.gov>.