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.
Montana State University
The college suffered greatly during the Great Depression. The price of agricultural products (Montana's economic mainstay) soared during World War I, as European and Russian farms were devastated by military campaigns and American and European armies demanded food. For a few years after the war, these prices stayed high. But as European agriculture got back on its feet, an agricultural depression swamped the United States beginning about 1923. State tax revenues plunged, and fewer buildings were constructed on campus after 1923. The United States entered the Great Depression in 1929. President Franklin D. Roosevelt established the Public Works Administration (PWA) in 1933 to provide federal funding for public works construction as a means of economic stimulus. But President Atkinson was strongly opposed to Roosevelt's New Deal, and refused to accept PWA funds to expand the college. With the state unable to assist, Montana State College stagnated through the 1930s.