During Rutherford B. Hayes's administration the economy turned around (following the Panic of 1873). President Hayes wrote in his diary-- "I can say in truth-- I left this great country prosperous and happy and the party of my choice strong, victorious, and united. In serving the country I served the party."
The 19th century agricultural market was subject to major price swings and recessions. The image above is panic in a town due to a recession. During these times women were more heavily relied upon to earn income for the household through market production of butter. #panic #recession
How Periodic Financial Panics Rocked the American Economy In the 1800s
Jay Cooke's Gamble: The Northern Pacific Railroad, the Sioux, and the Panic of 1873, by M. John Lubetkin. Yellowstone Park, the Sioux, J. P. Morgan, General Custer, the panic of 1873 - they're all woven into this story of the elements that obstructed and built the Northern Pacific railroad.
The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, it was marked by the overbuilding and shaky financing of railroads, resulting in a series of bank failures. Compounding market overbuilding and the railroad bubble was a run on the gold supply. The Panic of '93 was the worst economic depression the United States had ever experienced up to that time.
The Panic of 1873 was a financial crisis that triggered a depression in Europe and North America that lasted from 1873 until 1879, and even longer in some countries (France and Britain). In Britain, for example, it started two decades of stagnation known as the "Long Depression" that weakened the country's economic leadership.