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The Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later, but the effects from it continued to be felt until 1897. [1] It was the most serious economic depression in history until the Great Depression of the 1930s. The Panic of 1893 deeply affected every sector of the ...
Shortly after Cleveland's second term began, the Panic of 1893 struck the stock market, leaving Cleveland and the nation to face an economic depression. [203] The panic was worsened by the acute shortage of gold that resulted from the increased coinage of silver, and Cleveland called Congress into special session to deal with the problem. [204]
The United States Constitution has served as the supreme law of the United States since taking effect in 1789. The document was written at the 1787 Philadelphia Convention and was ratified through a series of state conventions held in 1787 and 1788. Since 1789, the Constitution has been amended twenty-seven times; particularly important ...
The Panic of 1893 reached its frenzied apex on May 5, 1893. This event, and the depression that followed it, represent a major turning point in the economic growth of the United States.
The Constitution of the United States is the supreme law of the United States. [ 3 ] It superseded the Articles of Confederation, the nation's first constitution, on March 4, 1789. Originally including seven articles, the Constitution delineates the frame of the federal government.
McKinley labeled Bryan's proposed social and economic reforms as a serious threat to the national economy. With the depression following the Panic of 1893 coming to an end, support for McKinley's more conservative economic policies increased, while Bryan's more radical policies began to lose support among Midwestern farmers and factory workers.
The depression that ensued became known as the Panic of 1893. [16] Among those who became insolvent in 1893 was a McKinley friend, Robert Walker. [17] McKinley had co-signed promissory notes for Walker, and thought the total to be $17,000. Walker had deceived McKinley, telling the governor that fresh loans were renewals of old ones, and the ...
The economic Panic of 1893 had left the nation in a deep recession, which still persisted in early 1896. Bryan and many other Democrats believed the economic malaise could be remedied through a return to bimetallism , or free silver —a policy they believed would inflate the currency and make it easier for debtors to repay loans.