Anti-Semitic caricature on the occasion of the Stock Exchange crash of 1873, from Kikeriki of 18 May 1873

From the middle of the 1860s, the liberals made huge gains and levered liberalism into power. However, the liberal age proved to be short-lived, coming to an abrupt end with the electoral defeat of the Constitutional Party in 1879.

The 1873 stock exchange crash and the subsequent social tension brought a sudden end to the hopes of the Jewish population of achieving complete social equality through their own modernisation and assimilation efforts.