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Updated: June 3, 2025
The panic of 1873, which prostrated all business, was the result of the excesses of the war, the overissue of legal tender and the feverish, unhealthy expansion that followed. In 1878, we resumed specie payments. I presume no country in the world ever showed such an enormous expansion and such material growth as ours between 1878 and 1907. It was shown in the useful inventions.
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