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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.
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 ]
The result was a run on the Treasury's gold stock and the onset of the Panic of 1893. President Grover Cleveland summoned an emergency session of Congress on August 7, 1893, for the repeal of the act to prevent the further depletion of the government's gold reserves. [8] In 1890, the price of silver dipped to $1.16 per ounce.
The economic hard times caused debates over whether America should remain on the gold standard or use a bimetallic standard. The continued economic hardships after the Panic of 1893 and the 1895 Morgan Bonds episode into the Panic of 1896 increased American worry about the strength of the American economy. [2]
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.
Coxey's Army marchers leaving their camp. Coxey's Army was a protest march by unemployed workers from the United States, led by Ohio businessman Jacob Coxey.They marched on Washington, D.C., in 1894, the second year of a four-year economic depression that was the worst in United States history at the time.
The Dow climbed on, through the remainder of the 1940s -- interrupted by a shallow bear market after the war's end -- and into the 1950s, when it finally broke through to a new high in 1954.
The American Civil War ended in April 1865, and the country entered a lengthy period of general deflation that lasted until 1896. The United States occasionally experienced periods of recession during the Reconstruction Era. Production increased in the years following the Civil War, but the country still had financial difficulties. [19]