Panic of 1893
About Panic of 1893
A severe economic depression triggered by the failure of the Philadelphia and Reading Railroad and the collapse of silver prices. Over 500 banks failed and 15,000 businesses went bankrupt. Unemployment reached 18 percent. The crisis led to the repeal of the Sherman Silver Purchase Act. Coxleys Army of unemployed workers marched on Washington. The depression lasted until 1897 and contributed to William McKinleys victory over William Jennings Bryan in the 1896 presidential election, which hinged on monetary policy.
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