The shocking destruction of wealth by these fires was part cause of the hard times which began in 1873. But others concurred. During 1872 the balance of trade was strongly against the United States. The circulation of depreciated paper money had brought to many an apparent prosperity which was not real, leading to the free contraction of debts by individuals, corporations, towns, cities, and States. An unprecedented mileage of railways had just been constructed. During the half decade ending with 1873, $1,700,000,000 had thus been spent in the country. The supposed wealth of many consisted in the bonds of these roads and of other newly created concerns, as mining and manufacturing corporations. Thus the entire business of the country was on a basis of inflation, and when contraction came by the resumption of specie payments and the demonetization of silver, disaster was inevitable. In the course of the summer solid values began to be hoarded and interest rates consequently to rise. In September panic came. Credit in business was refused, debtors were pressed for payment, securities were rushed into the market and fell greatly in price, railway stocks from ten to forty per cent., even United States bonds from five to ten. There was a run upon savings banks, many of which succumbed. For ten days, beginning September 20th, the New York Stock Exchange had to suspend, so dubious was the value of most stock contracts. Manufactured products were little salable, and the prices of agricultural painfully sank. Factories began to run on short time, many closed entirely, many corporations failed. The peculiarity of this crisis was the slowness with which it abated. No date indeed can be set as its term, its evil effects dragging on through years, so that the ill times of 1893-94 may be regarded as the same fever, intermittent in the meantime.