Economic history of the United States
Panic of 1873 created one of the worst and longest depressions in American history, seriously affecting every aspect of the economy and bringing the railroad expansion to a halt. The New York Stock Exchange closed for ten days. Of the country's 364 railroads, 89 went bankrupt, a total of 18,000 businesses failed between 1873 and 1875, unemployment reached 14% by 1876, during a time which became known in Britain as the Long Depression. Politically, the Democrats took control of Congress in 1874, the election of 1876 was deadlocked.
History of the United States Congress
On October 29, 1929, a day known in history as Black Tuesday, the New York Stock Exchange experienced a significant crash and the United States, as well as most of the world, would enter a major recession. In response, President Herbert Hoover and the Republican Congress passed the Smoot Hawley Tariff Act. However, it has been recognized that this act only made economic condition far worse. The 1930 midterm election saw the Republicans barely maintain control of the US House of Representatives and US Senate. Shortly after the 1930 midterm election, however, special elections were held to replace 19 House of Representative-elects who died, and Democrats would gain a four-seat majority in the US House of Representatives as a result of the outcome of these elections. In the 1932 US Senate elections, the Democrats easily regained control over the US Senate once again; this 1932 election also saw Franklin Roosevelt get elected US President as well, and Roosevelt could now begin his historic New Deal policies through the Democrat-dominated US Congress, and could bring the US out of the Great Depression for four years.