![]() The American Civil War (1861–1865) was followed by a boom in railroad construction. ![]() ![]() The first symptoms of the crisis were financial failures in Vienna, the capital of Austria-Hungary, which spread to most of Europe and to North America by 1873. American inflation, rampant speculative investments (overwhelmingly in railroads), the demonetization of silver in Germany and the United States, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870–1871), and major property losses in the Great Chicago Fire (1871) and the Great Boston Fire (1872) helped to place massive strain on bank reserves, which, in New York City, plummeted from $50 million to $17 million between September and October 1873. The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance. In the United States, the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. In Britain, the Panic started two decades of stagnation known as the " Long Depression" that weakened the country's economic leadership. How the LII Table of Popular Names works.The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. It is usually found in the Note section attached to a relevant section of the Code, usually under a paragraph identified as the "Short Title". Instead, those who classify laws into the Code typically leave a note explaining how a particular law has been classified into the Code. Nor will a full-text search of the Code necessarily reveal where all the pieces have been scattered. As a result, often the law will not be found in one place neatly identified by its popular name. But this is not normally the case, and often different provisions of the law will logically belong in different, scattered locations in the Code. And as we said before, a particular law might be narrow in focus, making it both simple and sensible to move it wholesale into a particular slot in the Code. Sometimes classification is easy the law could be written with the Code in mind, and might specifically amend, extend, or repeal particular chunks of the existing Code, making it no great challenge to figure out how to classify its various parts. The process of incorporating a newly-passed piece of legislation into the Code is known as "classification" - essentially a process of deciding where in the logical organization of the Code the various parts of the particular law belong. (Of course, this isn't always the case some legislation deals with a fairly narrow range of related concerns.) ![]() Each of these individual provisions would, logically, belong in a different place in the Code. A farm bill, for instance, might contain provisions that affect the tax status of farmers, their management of land or treatment of the environment, a system of price limits or supports, and so on. On the other hand, legislation often contains bundles of topically unrelated provisions that collectively respond to a particular public need or problem. In theory, any law - or individual provisions within any law - passed by Congress should be classifiable into one or more slots in the framework of the Code. At its top level, it divides the world of legislation into fifty topically-organized Titles, and each Title is further subdivided into any number of logical subtopics. The United States Code is meant to be an organized, logical compilation of the laws passed by Congress. ![]()
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