mar 13, 1893 - Depression Politics: Panic of 1893 (WXT, SOC)

Description:

Not long after the election of 1892, America plummeted into an economic depression that lasted around 4 years. Some of the causes for the depression were the stock market crash, caused by over speculation or the assumption of excessive business risk in investing, railroads spiraled down into bankruptcy because they built more railroads than they can financially support. As a result, farm foreclosure reached all-time highs, unemployment rates skyrocketed, leading many people to be hoboes and rely on charities like soup kitchens to sustain themselves. President Cleveland’s response to the Panic of 1893 was to champion the gold standard, which translates to when the notes administered by the treasury could be exchanged for gold, and acting under the hands-off policy towards the economy where the government would not involve itself with the economy.

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