Long Depression in the context of "Panic of 1873"

The Manchester Ship Canal is a 36-mile-long (58 km) inland waterway in the North West of England linking Manchester to the Irish Sea. Starting at the Mersey Estuary at Eastham, near Ellesmere Port, Cheshire, it generally follows the original routes of the rivers Mersey and Irwell through the historic counties of Cheshire and Lancashire before joining the latter at Salford Quays. Several sets of locks lift vessels about 60 ft (18 m) to the canal's terminus in Manchester. Landmarks along its route include the Barton Swing Aqueduct, the world's only swing aqueduct, and Trafford Park, the world's first planned industrial estate and one of the largest in Europe.

The rivers Mersey and Irwell were first made navigable in the early 18th century. Goods were also transported on the Runcorn extension of the Bridgewater Canal (from 1776) and the Liverpool and Manchester Railway (from 1830) but by the late 19th century the Mersey and Irwell Navigation had fallen into disrepair and was often unusable. Manchester's business community viewed the charges imposed by Liverpool's docks and the railway companies as excessive. A ship canal was proposed to give ocean-going vessels direct access to Manchester. The region was suffering from the Long Depression; the canal's proponents argued that the scheme would boost competition and create jobs. They gained public support for the scheme, which was first presented to Parliament as a bill in 1882. Faced with stiff opposition from Liverpool, the canal's supporters were unable to gain the necessary act of Parliament to allow the scheme to go ahead until 1885.

The Specie Payment Resumption Act of January 14, 1875 was a law in the United States that restored the nation to the gold standard through the redemption of previously unbacked United States Notes and reversed inflationary government policies promoted directly after the American Civil War. The decision further contracted the nation's money supply and was seen by critics as an exacerbating factor of the so-called Long Depression, which struck in 1873.

The Treaty of Defensive Alliance was a secret defense pact between Bolivia and Peru. Signed in the Peruvian capital, Lima, on 6 February 1873, the document was composed of eleven central articles that outlined its necessity and stipulations and one additional article that ordered the treaty to be kept secret until both contracting parties decided otherwise. The signatory states were represented by the Peruvian Foreign Minister José de la Riva-Agüero y Looz Corswaren and the Bolivian Envoy Extraordinary and Minister Plenipotentiary in Peru, Juan de la Cruz Benavente.

Ongoing border disputes between Bolivia and Chile worsened South America's tense political environment, which was made all the more precarious by a global economic depression. The system of mutual defense established between Bolivia and Peru sought to protect their national security and the regional balance of power by containing Chilean expansionism, which was fueled by Chile's economic ambitions over the mineral resources of the Atacama Desert. The pact's stated intentions were to guarantee the integrity, independence, and sovereignty of the contracting parties.