<span>The Panic was the worst economic crisis to hit the nation in its history to that point. Economic historians are not certain what caused it but point to several possible factors. First, too many people attempted to redeem silver notes for gold; ultimately the statutory limit for the minimum amount of gold in federal reserves was reached and U.S. Notes could no longer be successfully redeemed for gold. Next, the Philadelphia and Reading Railroad went bankrupt. Then, the National Cordage Company (the most actively traded stock at the time) went into receivership as a result of its bankers calling their loans in response to rumors regarding the NCC's financial distress. A series of bank failures followed, and the price of silver fell. The Northern Pacific Railway, the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad all failed. This was followed by the bankruptcy of many other companies; in total over 15,000 companies and 500 banks failed (many in the west). About 12%-18% of the workforce was unemployed at the Panic's peak.
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The name ""new harmony"" suggest that the founder saw the community as a place of cooperation.
<h3>What is Cooperation?</h3>
Cooperation is one of the factor's that helps the growth of a community.
Here, people can pull resources together in other to live a satisfactory live and this is what new Harmony also suggested.
Therefore, The name ""new harmony"" suggest that the founder saw the community as a place of cooperation.
Learn more on cooperation below
brainly.com/question/1669538
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Mali had acquired a reputation as a fabulously wealthy empire, ruled by a generous and pious sultan, Mansa Musa.He had expanded his boundaries all sides and acquired the cities of Gao and Timbuktu. The kingdom was considerably rich in gold. Mansa Musa also producing controlled the salt producing areas.
