What was the 1873 financial panic called in the United States and much of Europe?

The 1873 financial panic was called the Panic of 1873 in the United States and much of Europe.

The panic began in Vienna in May 1873 and reached the United States after the failure of the banking firm Jay Cooke & Company in September. Jay Cooke had helped finance railroads, and its collapse damaged confidence in railway bonds and related investments.

The resulting downturn contributed to the Long Depression, a period of falling prices, bank failures, business distress, and high unemployment in several countries. The crisis also exposed the risks created by rapid railroad expansion and speculative investment.

The names describe related but different things. The Panic of 1873 refers to the financial shock, while the Long Depression refers to the extended economic downturn that followed. It was not the same event as the better-known Panic of 1893.