June 1869 – December 1870 · 1 year 6 months Business activity: −9.7% A few years after the Civil War, a short recession occurred. It was unusual since it came amid a period when railroad investment was greatly accelerating, even producing the first transcontinental railroad. The railroads built in this period opened up the interior of the country, giving birth to the Farmers' movement. The recession may be explained partly by ongoing financial difficulties following the war, which discouraged businesses from building up inventories. Several months into the recession, there was a major financial panic. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link