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Panic Of 1893 Research Paper

162 Words1 Pages
The Panic of 1893 was a serious economic depression in the United States, this economic crisis started 10 days after President Cleveland was elected. One of the major problems of the panic was due to businesses and corporations losing money. The companies could no longer put money into the bank’s because they weren't making enough money themselves. This caused banks not to be able to stay afloat which made banks fail. In an desperate attempt to keep from going bankrupt, the banks began to collect their loans. These loans which had been given out really hurt laborers and farmers because they couldn't pay it back. Causing many laborers and farmers to lose their jobs, while 3 million people were unemployed. The people of America wanted the
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