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Panic of 1873

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ThePanic of 1873was afinancial crisisthat triggered aneconomic depressioninEuropeandNorth Americathat lasted from 1873 to 1877 or 1879 inFranceand inBritain.In Britain, the Panic started two decades ofstagnationknown as the "Long Depression"that weakened the country's economic leadership.[1]In theUnited States,the Panic was known as the "Great Depression" until theevents of 1929 and the early 1930sset a new standard.[2]

Abank runon the Fourth National Bank No. 20Nassau Street,New York City, fromFrank Leslie's Illustrated Newspaper,4 October 1873

The Panic of 1873 and the subsequent depression had several underlying causes for whicheconomic historiansdebate the relative importance. Americaninflation,rampantspeculative investments(overwhelmingly inrailroads), thedemonetizationof silver inGermanyand the United States, ripples from economic dislocation in Europe resulting from theFranco-Prussian War(1870–1871), and major property losses in theGreat Chicago Fire(1871) and theGreat Boston Fire(1872) helped to place massive strain onbank reserves,which, inNew York City,plummeted from $50 million to $17 million between September and October 1873.

The first symptoms of the crisis were financial failures inVienna,the capital ofAustria-Hungary,which spread to most of Europe and to North America by 1873.

Europe

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The panic and depression hit all of the industrial nations.

Germany and Austria-Hungary

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Black Friday, 9 May 1873,Vienna Stock Exchange

A similar process of overexpansion took place in Germany and Austria-Hungary, where the period fromGerman unificationin 1870 and 1871 to the crash in 1873 came to be called theGründerjahre( "Founders' Years" ). A liberalized incorporation law in Germany gave impetus to the foundation of new enterprises, such asDeutsche Bank,and the incorporation of established ones. Euphoria over the military victory against France in 1871 and the influx of capital from the payment by France ofwar reparationsfueled stock market speculation in railways, factories, docks, steamships; the same industrial branches that expanded unsustainably in the United States.[3]In the immediate aftermath of hisvictory against France,Bismarck began the process of silver demonetization. The process began on 23 November 1871 and culminated in the introduction of thegold markon 9 July 1873 as the currency for the newly united Reich, replacing the silver coins of all constituent lands. Germany was now on thegold standard.[4]Demonetization of silver was thus a common element in the crises on both sides of theAtlantic Ocean.

On 9 May 1873, theVienna Stock Exchangecrashed since it was unable to sustain the bubble of false expansion, insolvencies, and dishonest manipulations. A series of Viennese bank failures ensued, causing a contraction of the money available for business lending. One of the more famous private individuals who went bankrupt in 1873 was StephanKeglevichof Vienna, a relative of Gábor Keglevich, who had been themaster 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 1870Kreditschutzverband,an Austrian association for 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.[5]

In Berlin, the railway empire ofBethel Henry Strousbergcrashed after a ruinous settlement with the government ofRomania,bursting the speculation bubble in Germany. The contraction of 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 theGründerkrachor "Founders' Crash".[6][7][8]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 the Emperor-KingFranz Joseph I of Austria,resolved the question of the competing projects.[9][10]

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, andÓbudawere officially united withPest,[11]thus creating the new metropolis ofBudapestin 1873. The difference in stability betweenViennaand Berlin had 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.[12]

Recovery from the crash occurred much more quickly in Europe than in the United States.[13][14]Moreover, German businesses managed to avoid the sort of deep wage cuts that embittered American labor relations.[14]There was ananti-Semiticcomponent to the economic recovery in Germany and Austria, as small investors blamed Jews for their losses in the crash.[15][16]TheNeuer Social-Demokratnewspaper of theADAVpublished several articles blamingGerson von Bleichröderfor the stock market crash. An October 29 article called Bleichröder "Bismarck's Jew".[17]

Soon, more luxury hotels and villas were built inOpatija,and a new railway line was extended in 1873 from the Vienna–Triesteline toRijeka(Fiume), making it possible to go by tram from there to Opatija. The strong increase of port traffic generated a permanent demand for expansion.[18]TheSuez Canalwas opened in 1869.[19]1875–1890 became "the golden years" ofGiovanni de Ciottain Rijeka.

Britain

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The opening of theSuez Canalin 1869 was one of the causes of the Panic of 1873 because goods from theFar Easthad been carried in sailing vessels around theCape of Good Hopeand were stored in British warehouses. As sailing vessels were not adaptable for use through the Suez Canal (because the prevailing winds of theMediterranean Seablow from west to east), the Britishentrepôttrade suffered.[20]

When the crisis came, theBank of Englandraised interest rates to 9 percent. Despite this, Britain did not experience the scale of financial mayhem seen in America and Central Europe, perhaps forestalled by an expectation that the liquidity-constraining provisions of theBank Charter Act of 1844would 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".[21]However, there was heavy unemployment in the basic industries of coal, iron and steel, engineering, and shipbuilding, especially in 1873, 1886, and 1893.[1]

Comparison with Germany

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From 1873 to 1896, a period sometimes referred to as theLong 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.[citation needed]A comparison of capital formation rates in both countries helps to account for 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%.[citation needed]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 ofsocial overhead capital,such as in 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.[22]

India

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The discovery of large quantities of silver in the United States and several European colonies caused the panic of 1873 and thus a decline in the value ofsilver relativeto gold, devaluing India's standard currency. This event was known as "the fall of the rupee".

South Africa

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In theCape 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.[23]

Ottoman Empire

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In the periphery, theOttoman 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.[24]

Latin Monetary Union

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The general demonetization and cheapening of silver caused theLatin Monetary Unionin 1873 to suspend the conversion of silver to coins.[25][26]

United States

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Factors

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TheAmerican Civil War(1861–1865) was followed by aboomin railroad construction. 33,000 miles (53,000 km) ofnew track were laidacross the country between 1868 and 1873,[27]with much of the craze in railroad investment being driven by government land grants and subsidies to the railroads.[28]The railroad industry 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. Mostcapitalwas involved in projects offering no immediate or early returns.[29]

Coinage Act of 1873

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A period of economic overexpansion arose from the northern railroad boom before a series of economic setbacks: theBlack Friday panic of 1869,theChicago fire of 1871,an outbreak ofequine influenzaand theBoston fire of 1872,and thedemonetization of silver in 1873.

The decision of the German Empire to cease minting silverthalercoins in 1871 caused a drop in demand and downward pressure on the value of silver, which, in turn, affected the US since much of the supply of silver wasmined there.As a result, theUS Congresspassed theCoinage 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 ade factogold standard,which meant it would no longer buy silver at a statutory price orconvert silver from the public into silver coins,but it would still mint silver dollars for export in the form oftrade dollars.[30]

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 atVirginia City, Nevada,that resulted in new investment in mining activity.[31]The Act also reduced the domesticmoney 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.[32]The perception of US instability in its monetary policy caused investors to shy away from long-term obligations, particularly long-termbonds.The problem was compounded by the railroad boom, which was then in its later stages.

In September 1873, theUS economyentered a crisis.

Jay Cooke & Company fails

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In September 1873,Jay Cooke & Company,a major component of the country's banking establishment, found itself unable to market several million dollars inNorthern Pacific Railwaybonds.Jay Cooke's firm, like many others, had invested heavily in the railroads. Someinvestment bankswere then anxious for more capital for their enterprises, US PresidentUlysses S. Grant'smonetary policyof contracting 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 nearDuluth, Minnesota,on 15 February 1870. The railroad had borrowed more than $1.5 million from Cooke & Co, but was incapable of paying it back.[33]An expanding funding gap became harder to resolve due to theCredit Mobilier scandal.[34]Due to the financial crises in Europe, Cooke could not sell the securities abroad.[33]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.[33][35]

Insurance industry

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Many US insurance companies went out of business, as the deteriorating financial conditions created solvency problems for life insurers. The common factor of the surviving companies was that all marketedtontines.[36]

Effects

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New York police violently attacking unemployed workers inTompkins Square Park,1874

The failure of Jay Cooke's bank and soon afterward ofHenry Clews' set off a chain reaction of bank failures and temporarily closed theNew York Stock Exchange.Factories began to lay off workers as the country slipped into depression. The effects of 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.[34][37][38]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.[39]By November 1873, some 55 of the nation's railroads had failed, and another 60 had gone bankrupt by the first anniversary of the crisis.[40]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,[40]and 18,000 businesses failed between 1873 and 1875. Unemployment peaked in 1878 at 8.25%.[41]Building construction was halted, wages were cut, real estate values fell, and corporate profits vanished.[42]

In 1874, Congress passed "theFerryBill "[43]to allow for the printing of currency, increasing inflation and reducing the value of debts.[44]The bill was vetoed by President Grant.[44]The following year, Congress passed theSpecie Resumption Act of 1875,which would back United States currency with gold.[44]Backing American currency with gold helped curb inflation and stabilize the dollar.[44]

Railroad strike

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Therailroadindustry 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.[45][46]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 dubbedGreat Railroad Strike.Initial protests broke out inMartinsburg, West Virginia,after theBaltimore and Ohio Railroad(B&O) cut workers' pay for the third time in a year.West Virginia GovernorHenry M. Mathewssent the militia, under ColonelCharles J. Faulkner,to restore order but was unsuccessful, largely because the militia sympathized with the workers. The governor called on US PresidentRutherford B. Hayesfor federal assistance, and Hayes dispatched federal troops. That restored peace to Martinsburg but proved controversial, with many newspapers[specify]critical of Mathews' characterization of the strikes as an "insurrection", rather than an act of desperation and frustration. One notable paper[specify]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.[47][48]InBaltimore, Marylandwhere 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[49]leading to a days-long standoff atCamden Yards.

In New York, striking workers began pelting arriving trains with thrown objects, prompting a response from local police.[50]Pennsylvania saw perhaps the worst violence of the railroad strikes;[51][52]seePittsburgh railroad strike of 1877,Reading Railroad massacreandScranton general strike.InChicago, Illinois,striking workers brought freight and passenger trains to a standstill, leading to an order from judgeThomas Drummondthat such actions were illegal.[53]TheUnited States Marshals Serviceresponded by arresting dozens of strikers. In Missouri, strikers also brought rail traffic to a halt, and at least 18 people died in conflicts.[54]

In July 1877, the market for lumber crashed, leading several Michigan lumber companies to go bankrupt.[55]Within a year, the effects of this second business slump reached all the way to California.[56]

Aftermath in the United States

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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 theRepublican Party.In the1874 congressional elections,theDemocratic Partyassumed control of the House for the first time since the Civil War.[57]

Public opinion made it difficult for theGrant administrationto develop a coherent policy on the Southern states, and the North began to steer away fromReconstruction.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 the Democrats in the South, and theRepublicanslost power.

The end of the crisis coincided with the beginning of the great wave ofimmigration to the United States,which lasted until the early 1920s.

Global protectionism

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After the 1873 depression, agricultural and industrial groups lobbied forprotectivetariffs.Conservative politicians such asOtto von Bismarckshifted fromclassical liberaleconomic policies in the 1870s, embracing manyeconomic interventionistpolicies, including high tariffs,nationalizationof railroads, and compulsory social insurance.[58][59][60]The political andeconomic nationalismalso reduced the fortunes of the German and Canadianclassical liberalparties. France, like Britain, also entered into a prolonged stagnation that extended to 1897. The French also attempted to deal with their economic problems by the implementation of tariffs. New French laws in 1880 and in 1892 imposed stiff tariffs on many agricultural and industrial imports.[61]The U.S., still in the period after theCivil War,continued to be veryprotectionist.[62][63]

See also

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References

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  1. ^abMusson, A. E. (1959). "The Great Depression in Britain, 1873–1896: A Reappraisal".Journal of Economic History.19(2): 199–228.doi:10.1017/S0022050700109994.JSTOR2114975.S2CID154705117.
  2. ^"What history teaches us about the welfare state".The Washington Post.29 August 2011.Retrieved10 September2011.
  3. ^Masur,pp. 63–65.
  4. ^Charles Savoie ly- (April 2005)."Monetary Madhouse".Silver-Investor.com. Archived fromthe originalon 27 February 2012.Retrieved10 September2011.
  5. ^Fünfundzwanzig Jahre oesterreichischer Finanzpolitik: (1848 bis 1873): ein historischer Rückblick, Wilhelm Emil Angerstein, Luckhardt'sche Verlagsbuchhandlung,1874.(in German)
  6. ^Manchester, William(1968).The Arms of Krupp.p. 135.ISBN978-0-316-52940-2.
  7. ^Marek,pp. 181–182.
  8. ^Masur,pp. 64–65.
  9. ^Technické noviny, číslo 46, rok 1988, ročník 36.
  10. ^Historické štúdie, Volume 1–2, p. 239, Slovenská akadémia vied, Historický ústav SAV., Československá akademie věd, Vyd-vo Slovenskej akadémie vied, Bratislava 1955.
  11. ^Frojimovics, Kinga and Komoróczy, Géza (1999)Jewish Budapest: monuments, rites, history.Central European University Press. p. 67.ISBN978-9639116375
  12. ^Court, W. H. B. (1965)British Economic History, 1870–1914.Cambridge University Press.
  13. ^Marek,pp. 182–183.
  14. ^abMasur,pp. 74–75.
  15. ^Marek,p. 182.
  16. ^Masur,pp. 75–76.
  17. ^Brustein, William L.; Roberts, Louisa (2015).The Scialism of Fools: Leftist Origins of Modern Anti-Semitism.Cambridge University Press. pp. 104–105.
  18. ^Dienel, Hans-Liudger (2004).Unconnected transport networks: European intermodal traffic junctions 1800–2000.Frankfurt/Main: Campus Verlag. p. 146.ISBN3-593-37661-X.
  19. ^"Suez Canal | canal, Egypt".Encyclopedia Britannica.Retrieved24 November2017.
  20. ^McGrane, Reginald Charles (1950)The economic development of the American nation.Ginn & Co., Boston. p. 356
  21. ^Glasner, David (1997)."Crisis of 1873".In Glasner, David; Cooley, Thomas F. (eds.).Business Cycles and Depressions: An Encyclopedia.New York: Garland Publishing. pp. 132–133.ISBN0-8240-0944-4.
  22. ^Park, Young Goo (1997). "Depression and capital formation: The United Kingdom and Germany, 1873–96".Journal of European Economic History.26(3): 511–534.
  23. ^Tankard, Keith (1991). "The effects of the" Great Depression "of the late 19th century on East London 1873–1887".South African Journal of Economic History.6(2): 72–88.doi:10.1080/20780389.1991.10417187.
  24. ^Pamuk, Sevket (1984). "The Ottoman Empire in the 'Great Depression' of 1873–1896".Journal of Economic History.44(1): 107–118.doi:10.1017/S0022050700031399.S2CID154752536.
  25. ^Laughlin, James Laurence(1898). "Chapter XI".The History of Bimetallism in the United States(PDF).D. Appleton and Co.ISBN978-1297448928.
  26. ^Willis, Henry Parker(1901).A History of the Latin Monetary Union: A Study in International Monetary Action.Chicago: University of Chicago Press. p. 266 – via Internet Archive.
  27. ^Richardson, Heather Cox (2007).West From Appomattox: The Reconstruction of America After the Civil War.p. 131.ISBN978-0-300-11052-4.
  28. ^White, Richard (2011).Railroaded: The Transcontinentals and the Making of Modern America.Norton. p. 17.ISBN978-0-393-06126-0.
  29. ^Oberholtzer, Ellis Paxson (1926).A History of the United States Since the Civil War: Volume 3 1872–1878.New York, Macmillan. pp. 79–122.
  30. ^Unger, Irwin(1964). "Ch. 8".The Greenback Era: A Social and Political History of American Finance, 1865–1879.pp. 213–228.
  31. ^Loomis,pp. 219–220, 224–225.
  32. ^Silver coinage was resumed under theBland–Allison Actof 1878.
  33. ^abcHiltzik, Michael."Perspective | Presidents who don't act decisively make financial crises worse".The Washington Post.
  34. ^abCrisis Chronicles: The Long Depression and the Panic of 1873
  35. ^Wheeler (1973), p. 81.
  36. ^Yang, Tony (2009).The Performance of Life Insurance Companies: 1860–1905(PDF).p. 5.
  37. ^Loomis,pp. 119–120.
  38. ^Masur,p. 65.
  39. ^Kindleberger, Charles Poor (1990)Historical:Economics: Art or Science?Berkeley, CA: University of California Press. p. 321.ISBN978-0520073432
  40. ^abKleppner, Paul (1973) "The Greenback and Prohibition Parties", in Arthur M. Schlesinger (ed.),History of U.S. Political Parties: Volume II, 1860–1910, TheGilded Ageof Politics.New York: Chelsea House/R.R. Bowker Co., p. 1556.
  41. ^Lord Keynes (26 January 2012)."Social Democracy for the 21st Century: A Post Keynesian Perspective: US Unemployment, 1869–1899".Socialdemocracy21stcentury.blogspot.com.Retrieved8 December2013.
  42. ^Rezneck, Samuel (1950). "Distress, Relief, and Discontent in the United States during the Depression of 1873–78".Journal of Political Economy.58(6): 494–512.doi:10.1086/257012.JSTOR1827088.S2CID153898986.
  43. ^Chernow, Ron (2018).Grant.New York: Penguin Books. p. 779.ISBN978-0143110637.
  44. ^abcdLee, Jennifer 8 (14 October 2008)."New York and the Panic of 1873".City Room.Retrieved4 February2021.{{cite web}}:CS1 maint: numeric names: authors list (link)
  45. ^Kindleberger, Charles P. (2005).Manias, Panics and Crashes: A History of Financial Crises(5th ed.). New York: John Wiley & Sons. p. 137.ISBN0471467146.
  46. ^Mixon, Peter (2008). "The Crisis of 1873: Perspectives from Multiple Asset Classes".Journal of Economic History.68(3): 722–757.doi:10.1017/S0022050708000624.S2CID154329263.
  47. ^Bellesiles, Michael A. (2010).1877: America's Year for Living Violently.The New Press. p. 149.ISBN978-1595584410.Retrieved27 November2012.
  48. ^Caplinger, Michael (2003)."The Baltimore and Ohio Railroad Martinsburg Shops National Historic Landmark Nomination"(PDF).pp. 40–45.
  49. ^Scharf, J. Thomas (1967) [1st. Pub. 1879]."History of Maryland From the Earliest Period to the Present Day".3.Hatboro, PA: Tradition Press: 733–742.{{cite journal}}:Cite journal requires|journal=(help)
  50. ^Scott Molloy, "Book Review:Streets, Railroads, and the Great Strike of 1877By David O. Stowell ",Technology and Culture41.3 (2000) 636–638, via Project MUSE, accessed 20 May 2016.
  51. ^"The Great Strike of 1877: Remembering a Worker Rebellion".UE News. June 2002.Retrieved25 May2008.
  52. ^Singer, Merrill (2007).Drugging the Poor: Legal and Illegal Drugs and Social Inequality.Waveland Press. pp. 47–48.ISBN978-1478610243.
  53. ^Cahan, Richard (2002).A Court That Shaped America: Chicago's Federal District Court from Abe Lincoln to Abbie Hoffman.Northwestern University Press. pp.33–34.ISBN0-8101-1981-1.Retrieved5 October2009.Court That Shaped America.
  54. ^Brecher, Jeremy(1974).Strike!(3rd ed.). Fawcett Publications.
  55. ^Among the lumbering firms that failed were the Danaher & Melendy Company and Oliver O. Stanchfield ofLudington, Michigan,and Cushman, Calkins & Company and Tyson, Sweet & Company ofManistee, Michigan.History of Manistee, Mason and Oceana Counties, Michigan(1882), "History of Mason County", p. 50, and "History of Manistee County", pp. 52, 53 (separate pagination).
  56. ^Loomis,pp. 241–243.
  57. ^Barreyre, Nicolas (2011). "The Politics of Economic Crises: The Panic of 1873, the End of Reconstruction, and the realignment of American Politics".Journal of the Gilded Age and Progressive Era.10(4): 403–423.doi:10.1017/S1537781411000260.S2CID154493223.
  58. ^Eyck, Erich (1950).Bismarck and the German Empire.pp. 223–236, 252–261.
  59. ^Masur,pp. 75–80.
  60. ^Richter, Hans Werner(1962).Bismarck.pp. 219–220, 255–256.
  61. ^Breton, Yves; et al. (1997).La Longue Stagnation en France: L'Autre Grande Depression, 1873–1897(in French). Paris: Économica.ISBN2-7178-3130-4.
  62. ^Palen, M.-W. (2013). "Foreign Relations in the Gilded Age: A British Free-Trade Conspiracy?".Diplomatic History.37(2): 217–247.doi:10.1093/dh/dht003.JSTOR44254517.
  63. ^Morgan, H. Wayne (1969).From Hayes to McKinley: National Party Politics, 1877–1896.Syracuse: University Press.

Cited sources

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Further reading

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Yearbooks

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