Which 1873 crash in the United States helped begin the Long Depression?

The Panic of 1873 was the U.S. financial crash that helped begin the Long Depression.

The panic developed after the failure of Jay Cooke & Company, a major American bank involved in financing railroads. The company collapsed in September 1873 after investors became increasingly concerned about railroad speculation and the sustainability of railway construction.

The failure triggered a wider banking crisis, a suspension of trading on the New York Stock Exchange, and a contraction in credit. Railroads were especially vulnerable because they had borrowed heavily to fund rapid expansion. Business failures and unemployment followed across the United States.

The downturn became part of the international Long Depression, which lasted for many years and affected Europe as well as North America. It is sometimes confused with the Panic of 1893, another major U.S. financial crisis, but the earlier panic was the event associated with the beginning of the Long Depression.