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.
Pittsburgh railroad strike of 1877
The Long Depression, sparked in the United States by the Panic of 1873, had far-reaching implications for US industry, closing more than a hundred railroads in the first year and cutting construction of new rail lines from of track in 1872, to in 1875.