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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.
Compared to today, the era from 1834 to the Great Depression was characterized by relatively severe and more frequent banking panics and recessions. In the 1830s, U.S. President Andrew Jackson fought to end the Second Bank of the United States. Following the Bank War, the Second Bank lost its charter in 1836.
More than 800 banks failed from 1893 through 1897, more than in any period until the Great Depression; by mid-1894, more than 150 railroad companies with 30,000 miles of track were bankrupt.
1893: The Panic of 1893 set off a widespread economic depression in the United States of America that lasts until 1897. One of the first signs of trouble was the bankruptcy of the Philadelphia and Reading Railroad , which had greatly over-extended itself, on February 23, 1893, [ 51 ] ten days before Grover Cleveland 's second inauguration. [ 52 ]
May 1 – The 1893 World's Fair, also known as the World's Columbian Exposition, opens to the public in Chicago, Illinois. The first U.S. commemorative postage stamps and Coins are issued for the Exposition. Pabst Blue Ribbon wins an award for the best beer. [1] May 5 – Panic of 1893: A crash on the New York Stock Exchange starts a depression.
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.
An economic depression began in January 1893, becoming known as the Panic of 1893. [63] Fostoria Shade and Lamp Company had done well enough in 1892 that it declared a cash dividend in the spring of 1893. Charles Foster completed his term as United States Secretary of the Treasury, and was re-elected president of Fostoria Shade and Lamp Company ...
By the end of 1893 more than 16,000 businesses and 500 banks had closed their doors, with approximately 2 million workers cast into the ranks of the unemployed. [1] By the height of the depression in 1894 nearly 20 percent of the non-agricultural workforce would be idled by the crisis, remembered to history as the Panic of 1893 .