American History Tellers

Reconstruction Era | The Panic | 5

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Jun 28, 2023
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ANECDOTE

Colfax Courthouse Occupation Ends In Massacre

  • Grant Parish's Black militia occupied the Colfax courthouse after a disputed 1872 election to prevent Democrats from seizing power.
  • On Easter Sunday 1873, Christopher Nash's white mob attacked, burned the courthouse, and massacred up to 150 Black residents despite surrender offers.
INSIGHT

Economic Crash Undermined Reconstruction Support

  • The Panic of 1873 triggered by railroad speculation collapse caused the worst depression up to that time, wiping out jobs and investment.
  • The resulting economic shock intensified Northern fatigue with Reconstruction and weakened political will to defend Black rights.
ANECDOTE

Freedmen's Bank Collapse Devastated Black Savings

  • The Freedmen's Savings Bank collapsed in June 1874 after risky loans, costing 60,000 Black depositors about $3 million in savings.
  • Many depositors had assumed federal backing because of ties to the Freedmen's Bureau and patriotic imagery in bank materials.
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