Panic of 1893 (1893 - 1897) (mar 10, 1893 – dec 28, 1897)

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Depression of 1893 lasted 4 years, Caused by overbuilding & speculation, labor disorders, agricultural depression; Free-silver agitation = want to expand money supply w/ unlimited coinage of silver; Damaged Amer credit abroad and Amer finances suffered when Euro bankers called in loans;

US in distress, ~8k businesses collapsed in 6 months; Local charities tried best but fed gov’t was bound by laissez-faire & didn’t know how to help masses;

Cleveland had to deal w/ Treasury's deficit; Gold reserve in treasury dropped under $100 mill; Cleveland decided to stop bleeding away of gold by repealing Sherman Silver Purchase Act of 1890 by summoning Congress into extra session in summer of 1893;

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