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Treasury Acknowledges Lost Black Wealth By Renaming Freedman’s Bank

The overall economy had begun to crumble leading to the first ‘Great Depression,’ called the Panic of 1873. Historians say the North was so preoccupied with the troubling economic condition of the nation--the failure of 18,000 U.S. businesses in just two years, due in part to the failure of railroad companies in their efforts to expand--that efforts to address racism in the South were largely abandoned, further distracting from the bank’s mandate.

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