Panic Of 1893 Was The Worst Depression In The Nation's History

Panic of 1893

1893-1897

The Panic of 1893 was the worst depression in the nation’s history. The economy was centralized enough that most people were influenced by national markets and almost everyone was vulnerable to the effects of a national economic depression. In April 1893, the U.S. Treasury’s gold reserve dropped below $100 million and set off a financial panic as investors sold off their assets and converted them into gold. Along with the failure of the Philadelphia and Reading Railroad, the market was increasingly unsettled. Bank failures began and spread rapidly, fourteen thousand business failed by the end of the year, and the next four years were spent in the worst depression ever seen. The government struggled to cope under the crisis, and opposition to the gold standard began. Federal and state governments were unable to alleviate the effects of the depression on its people, and unrest throughout the nation began. Unemployment climbed to 20 percent and thousands of strikes occurred in the duration of the depression. The depression ended in 1897, and the government had the help of investors to help bail the country out of the severe

McKinley was mainly followed by businessmen, professionals, and skilled workers. Bryan, who became famous after his ‘Cross of Gold’ speech at the Democratic Convention, was representing the Democrats, and also the Populist voters. He believed in silver coinage, and believed that the common working man was limited by rich men. Bryan campaigned in a way that was never seen before as he traveled thousands of miles and delivered hundreds of speeches. McKinley was famous for his speeches on his front porch. Bryan carried most of the South and mountainous West, but Mckinley won the election with the North and the Pacific West. McKinley won the popular majority, and defeated Bryan 271 to 176 in electoral