Historical Timeline — Farm Economy
17th-18th Centuries
17th century
Farmers near water transportation grow some cash crops for trade; farmers inland emphasize subsistence farming
18th century
Northern farmers produce a variety of crops and livestock, sometimes supplemented by craftwork; Southern plantation agriculture concentrates on export crops.
1776
Declaration of Independence results partly from British controls on farm exports, restrictions on land titles, and limitations on western settlement
1786
Shay's Rebellion, a farmers' revolt against deflation 1791 First National Bank chartered
1800
1817-40
Antagonism between commercial and farming interests of the South; commerce especially opposes the institution of a protective tariff
1820
1832
Rechartering of the Bank of the United States becomes an acute point of contention between creditors in the cities and debtors in the South and West
1840
1850-61
The South, with its primarily agricultural economy, is politically strong
1860
1865-1900
Greenbackers and later Populists, representing debtors, fight deflation, high freight rates, and monopoly; these issues partly indicate a shift of power from agrarian to commercial interests after the Civil War
1869
Louis McMurray contracts with farmers near Frederick, MD for vegetables to be canned in his factory, the beginning of vertical integration
1873
Silver demonetized in so-called Crime of '73
1880
1900
1889-1919
Farm prosperity
1910
1910s
Farm credit is a steadily growing rural issue
1913
Federal Reserve Act passed
1920
1920s
Agricultural surpluses become the chief agricultural issue
1920
Collapse of agricultural prices
1921-40
Long-term agricultural depression
1930
1932
Farm prices and income reach Depression bottom
1940
1945-60
Expansion of vertical integration, especially in the broiler industry
1950
1950
Large agricultural surpluses
1960
1966
Federal minimum wage extended to some farm workers
1970
1972
Russian wheat sale brings higher farm prices
1980
1980s
Farm financial crisis affects farmers with heavy debt loads
1990-2000
1990s
Concentration grows in farm inputs industry and among processors and shippers; more farms turn to production and marketing contracts, increasing vertical coordination
1996
Net farm income reaches a record $54.9 billion
1998-99
Price slump caused by large commodity surpluses
