1923

While America's Great Depression began in 1929, it got an early start in Montana. The Great Depression began in Montana in 1918, almost 10 years before the rest of the nation. While the rest of America was thriving, Montana was struggling. Between drought and the reduced demand for agricultural products, due to the end of the "Great War" (aka First World War, from 1914 to 1918), many farmers suffered greatly. As a result, Montana farmers would default on wartime loans which lead to widespread bank failure throughout the state. Between 1921-1925, half of the farmers in Montana lost their land. By 1925, 70,000 of the 82,000 homesteaders in Montana left. In addition, 200 banks in Montana failed. Not only were crops affected by the drought, it was followed by locusts infestation and cattle succumbing to contagion.

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