In 1873, America entered a deep recession that was beginning to consume northerners with economic problems. The problem began when overspeculation, high postwar inflation, and disruptions from Europe led to financial reserves in American banks going empty. A panic on Wall Street occurred when American banks decided not to honor their loans and close their doors. Although President Grant acted quickly and did his best in reducing the damage the panic was doing to the economy, many businesses were forced to shut down. The 3 year long recession really hurt many Americans, as it left 3 million unemployed. Unfortunately, this huge economic problem left Americans more concerned in dealing with finding a solution in bringing up the economy rather