1873

1873 was a year marked by economic turmoil, legislative action in the United States, and continuing modernization efforts in Asia. The Panic of 1873 triggered a global economic downturn that persisted for several years. The crisis began with the Vienna stock exchange collapse and the failure of the prominent U.S. banking house Jay Cooke & Co., leading to widespread financial distress, business failures, and unemployment.

Domestically in the United States, Congress passed the Coinage Act of 1873, which effectively placed the United States on the gold standard and discontinued the standard silver dollars, a move that would later be controversial among silver interests.

In Asia, the Meiji government of Japan pursued modernization. The Iwakura Mission, a high-level delegation to the United States and Europe to study Western institutions, returned to Japan in 1873 with recommendations that influenced reforms in education, government, and industry.

Across Europe and the Americas, monetary and policy adjustments aimed to stabilize economies during the downturn, though deflation and reduced agricultural prices affected farmers and workers. The events of 1873 contributed to the broader phenomenon known as the Long Depression, shaping economic policy and industrial development in the years that followed.

1873 also reflected ongoing political and social change in various regions, as nations adjusted to new economic constraints and pursued modernization programs that would help redefine national trajectories in the late 19th century.