Financial depression in U.S

Historical Context Note

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In 1784 the US entered what has been termed the 'Critical Period', as it tried to recover from the Revolutionary War. The States had been left in massive debt as a result of the war, and government faced bankruptcy. Paper currency became worthless and banks demanded payment in specie (coined money), which was nearly impossible acquire, especially for the farmers and labourers who were hardest hit by the depression.

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13148 Financial depression in U.S 2 Historical context notes are intended to give basic and preliminary information on a topic. In some cases they will be expanded into longer entries as the Literary Encyclopedia evolves.

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