71-661: Manitou Springs Historic District in Manitou Springs, Colorado is roughly bounded by US 24 , Ruxton Avenue, El Paso Boulevard and Iron Mountain Avenue. Listed in the National Register of Historic Places , it is one of the country's largest National Historic Districts. Manitou Springs, also called "Saratoga of the West", was established as a resort community, known for its mineral springs and "spectacular setting" at
142-561: A book about his travels. Forty-eight years later, a plan for a health resort was developed by Dr. William Abraham Bell and William Jackson Palmer , a general during the American Civil War : "They had a vision of dreamy summer villas nestled in the mountains, with grand hotels and landscaped parks clustered around the springs." Railroad transportation brought people into the area, first called Fountain Colony and La Font. The town
213-454: A contraction of the money available for business lending. One of the more famous private individuals who went bankrupt in 1873 was Stephan Keglevich of Vienna, a relative of Gábor Keglevich, who had been the master of the royal treasury (1842–1848) and in 1845 had cofounded a financial association to fund the expansion of Hungarian industry and to protect the loan repayments, similar to the 1870 Kreditschutzverband , an Austrian association for
284-416: A days-long standoff at Camden Yards . In New York, striking workers began pelting arriving trains with thrown objects, prompting a response from local police. Pennsylvania saw perhaps the worst violence of the railroad strikes; see Pittsburgh railroad strike of 1877 , Reading Railroad massacre and Scranton general strike . In Chicago, Illinois , striking workers brought freight and passenger trains to
355-558: A household in the city was $ 40,514, and the median income for a family was $ 57,260. Males had a median income of $ 39,102 versus $ 24,286 for females. The per capita income for the city was $ 24,492. About 4.7% of families and 7.9% of the population were below the poverty line , including 4.3% of those under age 18 and 10.1% of those age 65 or over. Attractions include: Annual events include: January February March April June July August September October November December Panic of 1873 The Panic of 1873
426-505: A mixture of styles and a Pueblo type house. Manitou Springs's historic district was built in the 19th century. Historic preservation has made for "quaint boutiques", galleries and restaurants. Manitou Springs, Colorado Manitou Springs is a home rule municipality located at the foot of Pikes Peak in western El Paso County , Colorado , United States . The town was founded for its natural mineral springs. The downtown area continues to be of interest to travelers, particularly in
497-573: A new railway line was extended in 1873 from the Vienna– Trieste line to Rijeka (Fiume), making it possible to go by tram from there to Opatija. The strong increase of port traffic generated a permanent demand for expansion. The Suez Canal was opened in 1869. 1875–1890 became "the golden years" of Giovanni de Ciotta in Rijeka. The opening of the Suez Canal in 1869 was one of the causes of
568-698: A period when the town's popularity diminished, some springs were closed, capped or paved over. Then the Mineral Springs Foundation was formed in 1987 to restore some of the springs and promote the benefits of the town's spring water. Walking tours of the town's springs are called "Springabouts". Manitou Springs water was sold "worldwide". There are three churches in the historic district: St. Andrews Episcopal Church, First Congregationalist Church and Our Lady of Perpectual Help Catholic Church. The Congregational Church, believed to have been designed by Robert S. Roeschlaub , built of stone and ashlar,
639-677: A series of economic setbacks: the Black Friday panic of 1869 , the Chicago fire of 1871 , an outbreak of equine influenza and the Boston fire of 1872 , and the demonetization of silver in 1873 . The decision of the German Empire to cease minting silver thaler coins in 1871 caused a drop in demand and downward pressure on the value of silver, which, in turn, affected the US since much of
710-452: A standstill, leading to an order from judge Thomas Drummond that such actions were illegal. The United States Marshals Service responded by arresting dozens of strikers. In Missouri, strikers also brought rail traffic to a halt, and at least 18 people died in conflicts. In July 1877, the market for lumber crashed, leading several Michigan lumber companies to go bankrupt. Within a year, the effects of this second business slump reached all
781-404: Is Red Crags, a red sandstone building built about 1890s, which is "dramatically sited on a slope". It is at 302 El Paso. Next are Rockledge Country Inn and Onaledge Bed and Breakfast at 328 El Paso. Both buildings were designed in 1913; are Elizabethan architecture with stucco, stone and wood; and have stone walls. Craftwood Inn, at 404 El Paso, is also Elizabethan with clipped gables. Aside from
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#1732780173621852-551: Is hot, and wintertime is cool, sometimes cold. Spring and fall are generally very pleasant. Manitou Springs is a local government and a home rule city located within the Colorado Springs metropolitan area . Manitou Springs is managed by the elected mayor and six city council members. The mayor is elected to a two-year term. Council members are elected to 4-year overlapping terms. Three council members are "at large" members and three members represent one of each of
923-531: Is located on 101 Pawnee Street. It was built in 1880 by the Gillis Brothers. The English Gothic Episcopal church at 808 Manitou Street, funded in part by William Bell and his wife, co-founders of the town, was built in 1905. H. A. Macomb was the architect. The Gothic Catholic Church on 218 Ruxton Street, is surrounded by walls and a cobblestone grotto ; one access point to the church is a bridge that crosses over Ruxton Creek . Current hotels/Inns include
994-681: Is one of the historic resort hotels. In the 1870s, a Manitou contracting firm run by the Canadian Gillis Brothers imparted a "fundamentally British" flair to the Queen Anne cottages and the houses that they had built. Their cottages were replicas of Victorian houses on a smaller scale. Their projects included Miramont Castle , the Congregational Church and Leddy Block. Manitou Springs maintains much of its 19th-century appearance due to its geographic location and
1065-585: The Baltimore and Ohio Railroad (B&O) cut workers' pay for the third time in a year. West Virginia Governor Henry M. Mathews sent the militia, under Colonel Charles J. Faulkner , to restore order but was unsuccessful, largely because the militia sympathized with the workers. The governor called on US President Rutherford B. Hayes for federal assistance, and Hayes dispatched federal troops. That restored peace to Martinsburg but proved controversial, with many newspapers critical of Mathews' characterization of
1136-614: The Grant administration to develop a coherent policy on the Southern states, and the North began to steer away from Reconstruction . With the depression, ambitious railroad building programs crashed across the South, leaving most states deep in debt and burdened with heavy taxes. Retrenchment was a common response of the South to state debts during the depression. One by one, each state fell to
1207-676: The Great Chicago Fire (1871) and the Great Boston Fire (1872) helped to place massive strain on bank reserves , which, in New York City , plummeted from $ 50 million to $ 17 million between September and October 1873. The first symptoms of the crisis were financial failures in Vienna , the capital of Austria-Hungary , which spread to most of Europe and to North America by 1873. The panic and depression hit all of
1278-481: The Latin Monetary Union in 1873 to suspend the conversion of silver to coins. The American Civil War (1861–1865) was followed by a boom in railroad construction. 33,000 miles (53,000 km) of new track were laid across the country between 1868 and 1873, with much of the craze in railroad investment being driven by government land grants and subsidies to the railroads. The railroad industry
1349-524: The "High style" houses that have become inns, there are a few others that are traditional residences. Nolan House and Redstone Castle are Queen Anne architecture, both with prominent turrets. Miramont Castle is an eclectic mix of architectural styles, but primarily Queen Anne. There are five other High style houses in the Manitou Springs Historic District; Several are Shingles style, but there are also Second Empire , chalet,
1420-482: The 1870s, embracing many economic interventionist policies, including high tariffs, nationalization of railroads, and compulsory social insurance. The political and economic nationalism also reduced the fortunes of the German and Canadian classical liberal parties. France, like Britain, also entered into a prolonged stagnation that extended to 1897. The French also attempted to deal with their economic problems by
1491-669: The 3 wards in Manitou Springs. Manitou Springs residents may attend the following meetings or working sessions held each month at the Council Chambers at 606 Manitou Avenue. The Manitou Springs City Boards and Commissions include: As of the census of 2000, there were 4,980 people, 2,452 households, and 1,255 families residing in the city. The population density was 1,642.6 inhabitants per square mile (634.2/km ). There were 2,654 housing units at an average density of 875.4/sq mi (338.0/km ). The racial makeup of
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#17327801736211562-563: The Craftwood Inn, Cliff House , McLaughlin Family Lodge and Sunnyside Hotel. Sunnyside Hotel, which was located on Pawnee Street, began as a cottage and was expanded over time. As people began to take vacations by automobile, their lodging requirements changed. El Colorado is an example of a motel that was built for parking and access convenience. El Paso Boulevard is home to several "High style" houses, which are now inns. One
1633-595: The Democrats in the South, and the Republicans lost power. The end of the crisis coincided with the beginning of the great wave of immigration to the United States , which lasted until the early 1920s. After the 1873 depression, agricultural and industrial groups lobbied for protective tariffs . Conservative politicians such as Otto von Bismarck shifted from classical liberal economic policies in
1704-518: The Emperor-King Franz Joseph of Austria , resolved the question of the competing projects. Although the collapse of the foreign loan financing had been predicted, the events of that year were in themselves comparatively unimportant. Buda , the old capital of Hungary, and Óbuda were officially united with Pest , thus creating the new metropolis of Budapest in 1873. The difference in stability between Vienna and Berlin had
1775-579: The German economy was exacerbated by the conclusion of war reparations payments to Germany by France in September 1873. Two years after the foundation of the German Empire, the panic came and became known as the Gründerkrach or "Founders' Crash". In 1865, Keglevich and Strousberg had come into direct competition in a project in what is now Slovakia. In 1870 the Hungarian government, and in 1872
1846-652: The Historic District." Seven commissioners and up to three alternate commissioners are appointed by the City Council. In 1983, the district was added to the National Register of Historic Places . The town has several mineral springs, called manitou for the "breath of the Great Spirit Manitou" believed to have created the "effervescence" in the spring water. The springs were considered sacred grounds where Native Americans drank and soaked in
1917-590: The Historic Preservation Commission to oversee "...the protection, enhancement and perpetuation of districts of historic and cultural significance and to instill and foster civic pride in the legacy and achievements of the past." The following year the Manitou Springs Historic District was formed. In 1981 the commission administered their Design Review Guidelines. It has the "authority to review and approve, conditionally approve, or deny alterations to existing resources or new construction in
1988-859: The Panic of 1873 because goods from the Far East had been carried in sailing vessels around the Cape of Good Hope and were stored in British warehouses. As sailing vessels were not adaptable for use through the Suez Canal (because the prevailing winds of the Mediterranean Sea blow from west to east), the British entrepôt trade suffered. When the crisis came, the Bank of England raised interest rates to 9 percent. Despite this, Britain did not experience
2059-461: The United States and several European colonies caused the panic of 1873 and thus a decline in the value of silver relative to gold, devaluing India's standard currency. This event was known as " the fall of the rupee ". In the Cape Colony , the panic caused bankruptcies, rising unemployment, a pause in public works, and a major trade slump that lasted until the discovery of gold in 1886. In
2130-668: The Winds , the town is bordered by Mt. Manitou to the west, Red Mountain to the south, and Englemann Canyon, south and west. It is near Garden of the Gods , with the same red stone as Red Mountain, and is at the base of Pikes Peak . According to the United States Census Bureau , the city has a total area of 3.2 square miles (8.2 km ), all of it land. Manitou Springs has a humid continental climate ( Koppen : Dfb), categorized by four distinct seasons. Summertime
2201-692: The basic industries of coal, iron and steel, engineering, and shipbuilding, especially in 1873, 1886, and 1893. From 1873 to 1896, a period sometimes referred to as the Long Depression , most European countries experienced a drastic fall in prices. Still, many corporations were able to reduce production costs and achieve better productivity rates with industrial production increasing by 40% in Britain and by over 100% in Germany. A comparison of capital formation rates in both countries helps to account for
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2272-473: The benefits of mineral spring water which drew tourists and the infirm, particularly people with tuberculosis , to the area. Some springs were enclosed as the town grew. One of the enclosures, in red sandstone and under a "conical roofed structure", is the Cheyenne Spring House. There were more than 50 drilled wells and springs after the turn of the century. Since then, more were enclosed. After
2343-592: The center of town. The houses cling to the mountain slopes, sometimes creating a look of stacked boxes. The feeling close-up, on foot, or from a car, is often of a precarious and cramped context. Lacking flat land for lawns, Manitou is a town of decks, porches and stone-walled terraces. Buildings in the historic district include homes, churches, the public library, hotels and lodges, the town's springs, Rainbow Falls and more. Homes are "picturesque" 19th century Victorian frame houses, Queen Anne homes, cottages, stone High style homes and cabins. Cliff House, with wide verandahs,
2414-532: The city was 93.98% White , 3.65% Hispanic or Latino , 0.50% African American , 1.06% Native American , 1.12% Asian , 0.12% Pacific Islander , 0.94% from other races , and 2.27% from two or more races. There were 2,452 households, out of which 22.0% had children under the age of 18 living with them; 40.2% were married couples living together' 8.2% had a female householder with no husband present; and 48.8% were non-families. 38.2% of all households were made up of individuals, and 7.3% had someone living alone who
2485-423: The city was under evacuation orders from only 1:30 a.m. Monday until 8 p.m. the same day. There was no fire damage visible from Manitou Springs, and all businesses reopened. On the afternoon of August 9, 2013, the city was inundated by a flash flood entering the northern edges of the city via roadways and natural channels as it descended from the flooded-out US Hwy 24. Traffic was stopped in both directions as
2556-495: The deteriorating financial conditions created solvency problems for life insurers. The common factor of the surviving companies was that all marketed tontines . The failure of Jay Cooke's bank and soon afterward of Henry Clews ' set off a chain reaction of bank failures and temporarily closed the New York Stock Exchange . Factories began to lay off workers as the country slipped into depression. The effects of
2627-467: The development of the town for nearly a decade. The town grew after 1881 with the creation of a railway spur that transported people from Colorado Springs to Manitou Springs. Medical practitioners, such as Dr. Edwin Solly, promoted the health benefits of the "pure air" and sunny Rocky Mountain climate as the "world's best suited therapeutic environment" for the treatment of tuberculosis . He also believed in
2698-509: The different industrial growth rates. During the depression, the British ratio of net national capital formation to net national product fell from 11.5% to 6.0%, but the German ratio rose from 10.6% to 15.9%. During the depression, Britain took the course of static supply adjustment, but Germany stimulated effective demand and expanded industrial supply capacity by increasing and adjusting capital formation. For example, Germany dramatically increased investment of social overhead capital , such as in
2769-573: The dollar. The railroad industry in the United States had seen major growth in the decades before 1873, driven in part by strong European interest in bonds issued by railroad companies. The failure of Jay Cooke & Co., heavily invested in railroad bonds, triggered a crisis in the railroad industry. In 1877, steep wage cuts led American railroad workers to launch the series of protests and riots later dubbed Great Railroad Strike . Initial protests broke out in Martinsburg, West Virginia , after
2840-410: The domestic money supply , raising interest rates and hurting farmers and others who normally carried heavy debt loads. The resulting outcry raised serious questions about how long the new policy would last. The perception of US instability in its monetary policy caused investors to shy away from long-term obligations, particularly long-term bonds . The problem was compounded by the railroad boom, which
2911-641: The early 1930s set a new standard. The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance. American inflation , rampant speculative investments (overwhelmingly in railroads ), the demonetization of silver in Germany and the United States, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870–1871), and major property losses in
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2982-553: The edge of the Rocky Mountains. The town is bordered by Mt. Manitou to the west, Red Mountain to the south, and Englemann Canyon to the south and west. It is near Garden of the Gods , with the same red stone as Red Mountain, and at the base of Pikes Peak . Manitou Avenue is the main thoroughfare and location for most of the district's businesses. Some businesses are located on Ruxton Avenue and Canon Street. Residences are located along winding streets on hills that overlook
3053-639: The effect that the French indemnity to Germany flowed into Austria and Russia, but the indemnity payments aggravated the crisis in Austria, which had benefited by the accumulation of capital not only in Germany but also in England, the Netherlands, Belgium, France, and Russia. Recovery from the crash occurred much more quickly in Europe than in the United States. Moreover, German businesses managed to avoid
3124-596: The highway barriers formed a river drifting several occupied cars down a runoff ditch. The strong current made a path down Manitou Avenue from Cavern Gulch, as well as Canon Avenue, meandering turbulently through streets, homes, businesses, and spillways , damaging 20 homes, 8 of them significantly. The flood water threatened buildings and parking lots along Fountain Creek , and closed a portion of Manitou Avenue, which reopened later that evening. Situated directly along U.S. Route 24 just west of Old Colorado City and Cave of
3195-486: The industrial nations. A similar process of overexpansion took place in Germany and Austria-Hungary, where the period from German unification in 1870 and 1871 to the crash in 1873 came to be called the Gründerjahre ("Founders' Years"). A liberalized incorporation law in Germany gave impetus to the foundation of new enterprises, such as Deutsche Bank , and the incorporation of established ones. Euphoria over
3266-636: The introduction of the gold mark on 9 July 1873 as the currency for the newly united Reich, replacing the silver coins of all constituent lands. Germany was now on the gold standard . Demonetization of silver was thus a common element in the crises on both sides of the Atlantic Ocean . On 9 May 1873, the Vienna Stock Exchange crashed since it was unable to sustain the bubble of false expansion, insolvencies, and dishonest manipulations. A series of Viennese bank failures ensued, causing
3337-427: The management of electric power transmission lines, roads, and railroads, thereby stimulating industrial demand in that country, but similar investment stagnated or decreased in Britain. The resulting difference in capital formation accounts for the divergent levels of industrial production in the two countries and the different growth rates during and after the depression. The discovery of large quantities of silver in
3408-441: The military victory against France in 1871 and the influx of capital from the payment by France of war reparations fueled stock market speculation in railways, factories, docks, steamships; the same industrial branches that expanded unsustainably in the United States. In the immediate aftermath of his victory against France , Bismarck began the process of silver demonetization. The process began on 23 November 1871 and culminated in
3479-472: The mineral water to replenish and heal themselves. There were 9 or 10 natural springs. As whites moved in there were "skirmishes" for access to the historical resort area until the Native Americans were removed from the area and placed on reservations. Explorer Stephen Harriman Long made note of the water's healing properties in 1820. George Frederick Ruxton also wrote of the "boiling waters" in
3550-575: The money supply and thus raising interest rates made matters worse for those in debt. Businesses were expanding, but the money they needed to finance that growth was becoming scarcer. Cooke and other entrepreneurs had planned to build the second transcontinental railroad, the Northern Pacific Railway. Cooke's firm provided the financing, and ground for the line was broken near Duluth, Minnesota , on 15 February 1870. The railroad had borrowed more than $ 1.5 million from Cooke & Co, but
3621-406: The nation's railroads had failed, and another 60 had gone bankrupt by the first anniversary of the crisis. Construction of new rail lines, formerly one of the backbones of the economy, plummeted from 7,500 miles (12,100 km) of track in 1872 to just 1,600 miles (2,600 km) in 1875, and 18,000 businesses failed between 1873 and 1875. Unemployment peaked in 1878 at 8.25%. Building construction
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#17327801736213692-604: The panic were quickly felt in New York (where 25% of workers became unemployed) and more slowly in Chicago, Virginia City, Nevada (where silver mining was active), and San Francisco. In New Hampshire, state coffers were so depleted by lost tax revenue the state government turned to private interests including tea and gunpowder manufacturer D. Ralph Lolbert for financial support. The New York Stock Exchange closed for ten days starting on 20 September. By November 1873, some 55 of
3763-604: The periphery, the Ottoman Empire 's economy also suffered. Rates of growth of foreign trade dropped, external terms of trade deteriorated, declining wheat prices affected peasant producers, and the establishment of European control over Ottoman finances led to large debt payments abroad. The growth rates of agricultural and aggregate production were also lower during the Long Depression than the later period. The general demonetization and cheapening of silver caused
3834-473: The protection of creditors and the interests of its members in cases of bankruptcy. That made it possible for a number of new Austrian banks to be established in 1873 after the Vienna Stock Exchange crash. In Berlin, the railway empire of Bethel Henry Strousberg crashed after a ruinous settlement with the government of Romania , bursting the speculation bubble in Germany. The contraction of
3905-590: The public into silver coins , but it would still mint silver dollars for export in the form of trade dollars . The Act had the immediate effect of depressing silver prices, hurting Western mining interests, who labeled the Act "The Crime of '73", but its effect was offset somewhat by the introduction of a silver trade dollar for use in Asia and the discovery of new silver deposits at Virginia City, Nevada , that resulted in new investment in mining activity. The Act also reduced
3976-542: The scale of financial mayhem seen in America and Central Europe, perhaps forestalled by an expectation that the liquidity-constraining provisions of the Bank Charter Act of 1844 would be suspended as they had been in the crises of 1847, 1857, and 1866. The ensuing economic downturn in Britain seems to have been muted – "stagnant" but without a "decline in aggregate output". However, there was heavy unemployment in
4047-593: The sort of deep wage cuts that embittered American labor relations. There was an anti-Semitic component to the economic recovery in Germany and Austria, as small investors blamed Jews for their losses in the crash. The Neuer Social-Demokrat newspaper of the ADAV published several articles blaming Gerson von Bleichröder for the stock market crash. An October 29 article called Bleichröder "Bismarck's Jew". Soon, more luxury hotels and villas were built in Opatija , and
4118-516: The strikes as an "insurrection", rather than an act of desperation and frustration. One notable paper recorded a striking worker's perspective that he "had might as well die by the bullet as to starve to death by inches". Within a week, similar protests had erupted in other cities. In Baltimore, Maryland where strikers set fire to buildings owned by B.& O. Railroads and an outnumbered militia guard division opened fire when they were surrounded by rioters, killing 10 and injuring 25 more leading to
4189-595: The summer, with many shops and restaurants, as well as a creekside city park. The main road through the center of town was one of the direct paths to the base of Pikes Peak . Barr Trail, which winds its way up Pikes Peak, is accessible from town. The subdivision Crystal Hills was added to the municipality in the 1960s. The city population was 4,858 at the 2020 United States Census . Students are served by Manitou Springs School District 14 and Manitou Springs High School . General William Jackson Palmer and Dr. William Abraham Bell founded Manitou Springs in 1872, intending
4260-523: The supply of silver was mined there . As a result, the US Congress passed the Coinage Act of 1873 , which changed the national silver policy. Before the Act, the US had backed its currency with both gold and silver and minted both types of coins. The Act moved the United States to a de facto gold standard , which meant it would no longer buy silver at a statutory price or convert silver from
4331-574: The town to be a "scenic health resort". Bell's home, Briarhurst Manor , is open to the public as a fine dining restaurant, which is listed on the National Register of Historic places. In 1876, the town was incorporated. "Manitou Springs has been the quintessential tourist town since the 1870s, when visitors discovered the healing waters the Ute Indians had been drinking for years. Many of the town's mineral springs still function today and
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#17327801736214402-531: The town's strong preservation efforts. The town developed within a tight valley surrounded by hillsides that are developed to their potential; There is no room for expansion. In addition, the town optimizes preservation of historical buildings. To a large extent, the 19th century homes and hotels are prevalent, although many have been renovated or expanded. Changes since the 19th century include loss of some commercial buildings and accommodation of automobile traffic and parking. In 1979, Manitou Springs residents founded
4473-738: The water is free." In 1980, the Manitou Springs Historic District was formed by the Historic Preservation Committee to manage development, renovation and preservation within the town. It is a National Register of Historic Places listing and one of the country's largest National Historic Districts. In June 2012, the entire city was evacuated due to the Waldo Canyon fire nearby. Parts of western Colorado Springs were also evacuated. Manitou Springs did not suffer any fire damage, and
4544-664: The way to California. The depression ended in the spring of 1879, but tension between workers and the leaders of banking and manufacturing interests lingered on. Poor economic conditions also caused voters to turn against the Republican Party . In the 1874 congressional elections , the Democratic Party assumed control of the House for the first time since the Civil War. Public opinion made it difficult for
4615-449: Was 65 years of age or older. The average household size was 2.03 and the average family size was 2.73. In the city, the population was spread out, with 18.6% under the age of 18, 7.2% from 18 to 24, 31.6% from 25 to 44, 32.2% from 45 to 64, and 10.3% who were 65 years of age or older. The median age was 41 years. For every 100 females, there were 94.9 males. For every 100 females age 18 and over, there were 92.5 males. The median income for
4686-405: Was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain . In Britain, the Panic started two decades of stagnation known as the " Long Depression " that weakened the country's economic leadership. In the United States , the Panic was known as the "Great Depression" until the events of 1929 and
4757-464: Was halted, wages were cut, real estate values fell, and corporate profits vanished. In 1874, Congress passed "the Ferry Bill" to allow for the printing of currency, increasing inflation and reducing the value of debts. The bill was vetoed by President Grant. The following year, Congress passed the Specie Resumption Act of 1875 , which would back United States currency with gold. Backing American currency with gold helped curb inflation and stabilize
4828-464: Was incapable of paying it back. An expanding funding gap became harder to resolve due to the Credit Mobilier scandal . Due to the financial crises in Europe, Cooke could not sell the securities abroad. Just as Cooke was about to swing a $ 300 million government loan in September 1873, reports circulated that his firm's credit had become nearly worthless. On 18 September, the firm declared bankruptcy. Many US insurance companies went out of business, as
4899-428: Was not built as envisioned by the two men. Storefronts and homes were built in the town. It became the first resort town in the state. In 1873 Henry McAllister, a developer working for Palmer, touted the medicinal benefits of the springs and that Manitou Springs had the necessary components of a successful spa resort, including "incomparable climate and scenery". The same year there was a financial panic which repressed
4970-418: Was the largest employer outside agriculture in the US and involved large amounts of money and risk. A large infusion of cash from speculators caused spectacular growth in the industry and in the construction of docks, factories, and ancillary facilities. Most capital was involved in projects offering no immediate or early returns. A period of economic overexpansion arose from the northern railroad boom before
5041-508: Was then in its later stages. In September 1873, the US economy entered a crisis. In September 1873, Jay Cooke & Company , a major component of the country's banking establishment, found itself unable to market several million dollars in Northern Pacific Railway bonds. Jay Cooke 's firm, like many others, had invested heavily in the railroads. Some investment banks were then anxious for more capital for their enterprises, US President Ulysses S. Grant 's monetary policy of contracting
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