After the Civil War, the US banking system grew rapidly and seemed to be set on solid ground. But the country was hit by many banking crises. The Panic of 1907 was the first worldwide financial crisis of the twentieth century. It transformed a recession into a contraction surpassed in severity only by the Great Depression. Like many Panics there was not just one cause to the Panic of 1873 and 1907 but rather a multitude of factors set the stage. Do you see any parallels between the crises in 1873 and 1907?