The Panic of 1873, which was triggered by overspeculation, continued to wreak havoc on the nation's economy. Just two days after Jay Cooke & Co., one of the nation's most reputable brokerage firms, declared bankruptcy, the New York Stock Exchange decided to close down for ten days to wait out the worst of the crisis. The secretary of the Treasury responded to these events by pumping $26 million of new currency into the economy, swelling the amount of paper money in circulation to $382 million.
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