may 18, 1893 - Depression of 1893

Description:

Some 8,000 businesses failed in the first 6 months of the depression creating a large number of unemployed (but mobile tramps) hoboes. The splurge of overbuilding and speculation in business, labor disorders, free silver agitation and the low prices earned for agricultural products were major causes of the depression. According to Kennedy, this was the most punishing economic depression of the nineteenth century, in part because it lasted nearly 4 years.

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