Depression of 1893 (mar 3, 1893 – jan 1, 0)

Description:

-lasted 4 years, due to overbuilding + speculation, labor disorders, ongoing agricultural depression

-free-silver agitation damaged american credit abroad
-8k businesses bankrupt in 6 months, gold reserve in Treasury dropped below 100 million which was needed to support 350 mil in paper money

-Cleveland repealed Sherman Purchase Act of 1890, summoned Congress for extra session in 1893

-Feb 1894 gold reserve = 41 million, if US go off gold standard, currency = unstable, cripple international trade

-Cleveland issued 2 Treasury Bonds totaling over 100 million

-1895 Cleveland negotiated w J.P. morgan and bankers agreed to loan gov 65 million, charging commission of 7 million & temporarily restore confidence in finances

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