whaaaat was the "Panic of 1870"?

I am writing the geneaology of my famillly. Research on my great great grandfaather, who was a walthy men, reveals that he "lost his money in the Panic of 1820....that"he left town broke" and "he was a poor man". I would like to know what the panic was all about in 187. He lieved in Kane County, Illinoia.

thank you win preston

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