Panic of 1893 (feb 20, 1893 – jan 1, 1897)
Description:
February 20, 1893 - the appointment of receivers for the Philadelphia and Reading Railroad, which had greatly overextended itself. Upon taking office, Cleveland dealt directly with the Treasury crisis and successfully convinced Congress to repeal the Sherman Silver Purchase Act, which he felt was mainly responsible for the economic crisis. This date can be considered the first of the signs of the beginning of the crisis.Added to timeline:
Date:
feb 20, 1893
jan 1, 1897
~ 3 years and 10 months