The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through March 1879, or 1896, depending on the metrics used. It was most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. The episode was labeled the "Great Depression" at the time, and it held that designation until the Great Depression of the 1930s. Though it marked a period of general deflation and a general contraction, it did not have the severe economic retrogression of the Great Depression.

Ulysses S. Grant was an American military officer, politician, and the 18th president of the United States from 1869 to 1877. As commanding general, Grant led the Union Army to victory in the American Civil War in 1865 and briefly served as U.S. secretary of war. An effective civil rights executive, Grant signed a bill to create the Justice Department and worked with Radical Republicans to protect African Americans during Reconstruction.