jan 1, 1893 - Panic of 1893

Description:

- Forced a quarter of all railroads into bankruptcy (they had overbuilt)
- Stock market crashed as a result of overspeculation
- Farm foreclosures reached new highs
- The unemployed reached 20% of the workforce
- Many ended up in soup kitchens and riding the rails (hoboes)
- President Cleveland decided to handle the panic by championing a gold standard but remaining otherwise hands-off when it came to the economy

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