I am reading a book written by Claude Bowers entitled The Tragic Era. In it, he describes the panic of 1873 and I am amazed at the similarity to conditions today. He mentions the following high-lights all of which are true of this 1930 panic: 1. The 1873 panic was preceded by Civil War—then 8 or 9 years of hectic prosperity, speculation, rising prices, corruption in government—and then sudden panic, bank closings, etc. 2. In 1873 the farmers revolted for higher prices. 3. Organized movements to stop foreclosures. 4. Wild schemes to inflate currency, greenbacks, etc. 5. Talk against tariff. 6.
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