The 1873 financial panic that helped cause a long economic depression in Europe and the United States was called the Panic of 1873.
The crisis began with financial failures in Vienna and spread to other markets. In the United States, the collapse of the banking and railway firm Jay Cooke & Company in September 1873 helped trigger a run on banks and a suspension of trading on the New York Stock Exchange. Railway speculation and excessive construction had left businesses exposed.
The panic contributed to a prolonged international downturn often called the Long Depression. Prices, profits, wages, and investment weakened for years, although the severity and timing differed between countries. The United States experienced repeated bank failures and high unemployment.
The Panic of 1873 is sometimes confused with the Long Depression itself. The panic was the acute financial crisis; the depression was the extended economic period that followed. Its effects also helped fuel debates over monetary policy, including the role of gold and silver.