Why was the depression of 1873 called the "panic"?

Banks and other industries were putting their money into railroads, so when Jay Cooke and Company, a banking firm that was heavily invested in railroad construction, closed on September 18, 1873, a major economic panic overtook the nation.

Explanation:

the end of the gilded age coincided with the panic of 1893, a deep depression, which lasted until 1897 and marked a major political realignment in the election of 1896. this productive but divisive era was followed by the progressive era.

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