Lot 611
The Panic of 1873. Two pages, recto and verso, December 9, 1873, Greenville. From C.A. Hagan (?) to his cousin Eugene Betts. Some adhesive discoloration to edges, otherwise very good condition.
The Panic of 1873 created the worst depression the United States had ever known. The failure of the Jay Cooke & Co. banking firm on October 1, 1873, was merely the first step in a calamitous economic downturn that lasted almost five years. Ten years of expansion and economic success had ill-prepared America for the hard times that followed, and they were hard. By winter 1873, 25% of the workers in New York were unemployed and hunger and homelessness spread. A worker's protest in January 1874 resulted in widespread police brutality but protests continued throughout the next three years. Although the impact was felt to varying degrees throughout the country, its impact was noticeable everywhere. The letter offered here, while opening with family pleasantries, makes direct mention of the events of 1873 and their effect on (presumably) the South. "…How did the 'Panic' use you? It gave us 'Hell' in this part of the country. Cotton which sold last year for 18 cts. has sold this year for 10 cts and is now only 12½, which is just the cost of production…the prospect for the future is not very brilliant…However there is no condition of general destitution with us not even among that most thriftless improvident class…."
Estimated Value $300 - 350.
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