However , the Panic of 1873 rocked the nation and destroyed much of the economic advancements made in Grant 's first term .
Congress established a de facto deflationary gold standard that reduced the number of greenbacks in the national economy .
The Panic of 1873 rocked the nation and destroyed much of the economic advancements made in Grant 's first term .
Congress established a de facto deflationary gold standard that reduced the number of greenbacks in the national economy .