What resulted as a panic of 1873?

The Panic of 1873 was a financial crisis triggered by the collapse of the banking firm Jay Cooke & Company, which heavily invested in railroads. This event led to widespread bank failures, a Stock Market crash, and a severe economic depression that lasted for several years. Unemployment soared, and many businesses went bankrupt, ultimately contributing to a significant shift in economic policy and debates over the gold standard versus the use of silver. The crisis highlighted vulnerabilities in the burgeoning industrial economy and led to increased regulation in the financial sector.