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The persistent balance of payments deficit in the 1890s which drained the Treasury gold reserves, caused concern from both domestic and foreign investors that the U.S. would abandon the gold standard. This prompted further gold withdrawals and bond liquidations which exacerbated the deficit.
The drop in American gold reserves worsened the effects of the Panic of 1893, and the Panic of 1896 was given its own distinction. The Coinage Act of 1873 demonetized the use of silver in America, and the Resumption Act of 1875 further established the gold standard.
The United States had been running a trade deficit, draining gold out of the country. Because of the tariff revenues, the U.S. Treasury held a considerable amount of gold, which kept it out of circulation. On September 12, the SS Central America, which was carrying $1.5 million in gold from California, sank, contributing to the panic. Secretary ...
The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress, framed by then Representative William McKinley, that became law on October 1, 1890. [1] The tariff raised the average duty on imports to almost 50%, an increase designed to protect domestic industries and workers from foreign competition, as ...
The 1890s (pronounced "eighteen-nineties") was a decade of the Gregorian calendar that began on January 1, 1890, and ended on December 31, 1899. In American popular culture, the decade would later be nostalgically referred to as the "gay nineties" ("gay" meaning carefree or cheerful). In the British Empire, the 1890s epitomised the late ...
July 1890 – May 1891 10 months 1 year 5 months −22.1% −11.7% Although shorter than the recession in 1887–1888 and still modest, a slowdown in 1890–1891 was somewhat more pronounced than the preceding recession. International monetary disturbances are blamed for this recession, such as the Panic of 1890 in the United Kingdom. [26]
The Baring crisis [1] or the Panic of 1890 was an acute recession. Although less serious than other panics of the era, it is the nineteenth century’s most famous sovereign debt crisis , [ 2 ] and the 17th largest decline in U.S. stock market history.
The Klondike Gold Rush [n 1] was a migration by an estimated 100,000 prospectors to the Klondike region of Yukon in northwestern Canada, between 1896 and 1899. Gold was discovered there by local miners on August 16, 1896; when news reached Seattle and San Francisco the following year, it triggered a stampede of prospectors.