Panic of 1893
23 Feb 1893
Causes: Overbuilding, overspending, labor & agricultural problems, free-silver debates, & US loans led to the depression of 1893.
People: President Cleveland, JP Morgan
Effects: Thousands of businesses collapsed, many were left poor and unemployed, & the Treasury's gold reserve fell to an all-time low, prompting Cleveland to repeal the Sherman Silver Purchase Act & go to JP Morgan/Wall Street for a huge gold loan. The Populist & Socialist parties grew more popular during the 4 year crisis.