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Panic Of 1893
The Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later. The Panic of 1896 followed. It was the most serious economic depression in history until the Great Depression of the 1930s. The Panic of 1893 deeply affected every sector of the economy and produced political upheaval that led to the political realignment and the presidency of William McKinley. The panic climaxed with a run on gold from the United States Treasury. As part of the panic, on May 5, 1893, the Dow Jones Industrial Average fell 24% in a single day after the bankruptcy of National Cordage Company; this was the largest single day drop until the Great Depression. Unemployment rates in many states rose above 25% and poverty became widespread. Causes Causes of the panic include: * Baring crisis - Heavy investment in Argentina by Barings Bank followed by the 1890 wheat crop failure and the Revolution of the Park, a failed coup in Buenos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic At The NYSE 5 May 1893 Cph
Panic is a sudden sensation of fear, which is so strong as to dominate or prevent reason and logical thinking, replacing it with overwhelming feelings of anxiety, uncertainty and frantic Psychomotor agitation, agitation consistent with a Fight-or-flight response, fight-or-flight reaction. Panic may occur singularly in individuals or manifest suddenly in large groups as mass panic (closely related to herd behavior). Etymology The word "panic" derives from antiquity and is a tribute to the ancient god Pan (god), Pan. One of the many gods in the mythology of ancient Greece, Pan was the god of shepherds and of woods and pastures. The Greeks believed that he often wandered peacefully through the woods, playing a pipe, but when accidentally awakened from his noontime nap he could give a great shout that would cause flocks to stampede. From this aspect of Pan's nature Greek authors derived the word ''panikos'', "sudden fear", the ultimate source of the English word: "panic". The G ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McKinley Tariff
The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress framed by then-Representative William McKinley, that became law on October 1, 1890. The tariff raised the average duty on imports to almost 50%, an increase designed to protect domestic industries and workers from foreign competition, as promised in the Republican platform. It represented protectionism, a policy supported by Republicans and denounced by Democrats. It was a major topic of fierce debate in the 1890 congressional elections, which gave a Democratic landslide. Democrats replaced the McKinley Tariff with the Wilson–Gorman Tariff Act in 1894, which lowered tariff rates. Description After 450 amendments, the Tariff Act of 1890 was passed and increased average duties across all imports from 38% to 49.5%.Reitano 1994, p. 129 McKinley was known as the "Napoleon of Protection", and rates were raised on some goods and lowered on others, always in an attempt to protect Am ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The United States
The United States has a highly developed mixed economy. It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). As of 2025, it has the world's seventh highest nominal GDP per capita and ninth highest GDP per capita by PPP. The U.S. accounts for 27% of the global economy in 2025 in nominal terms, and about 16% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the ''de facto'' currency.Benjamin J. Cohen, ''The Future of Money'', Princeton University Press, 2006, ; ''cf.'' "the dollar is the de facto currency in Cambodia", Charles Agar, '' Frommer's Vietnam'', 2006, , p. 17 Since the end of World War II, the economy has achieved relatively ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Crunch
A credit crunch (a credit squeeze, credit tightening or credit crisis) is a sudden reduction in the general availability of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates. In such situations the relationship between credit availability and interest rates changes. Credit becomes less available at any given official interest rate, or there ceases to be a clear relationship between interest rates and credit availability (i.e. credit rationing occurs). Many times, a credit crunch is accompanied by a flight to quality by lenders and investors, as they seek less risky investments (often at the expense of small to medium size enterprises). Causes A credit crunch is often caused by a sustained period of careless and inappropriate lending which results in losses for lending institutions and investors in debt when th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many Client (business), clients withdraw their money from a bank, because they believe Bank failure, the bank may fail in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvency, insolvent. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank may acquire more cash from other banks or from the central bank, or limit the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sherman Silver Purchase Act
The Sherman Silver Purchase Act was a United States federal law enacted on July 14, 1890, which increased the amount of silver the government was required to purchase on a recurrent monthly basis to 4.5 million ounces, roughly the entirety of the American output.Charles Ramsdell Lingley, ''Since the Civil War'', first edition: New York, The Century Co., 1920, ix–635 p., . Re-issued: Plain Label Books, unknown date, under a new title: ''The United States Since the Civil War'', 310 p. See: page 173(Google Books).. The act did not authorize the free and unlimited coinage of silver that the Free Silver supporters wanted. Instead, it had been passed in response to the growing complaints of farmers' and miners' interests. Farmers are usually debtors, with mortgages on their farms and loans on their crops; deflation meant that they had to pay back these loans in more expensive dollars, and this act promotes inflation. Mining companies, meanwhile, had extracted vast quantities of silve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congress
The United States Congress is the legislature, legislative branch of the federal government of the United States. It is a Bicameralism, bicameral legislature, including a Lower house, lower body, the United States House of Representatives, U.S. House of Representatives, and an Upper house, upper body, the United States Senate, U.S. Senate. They both meet in the United States Capitol in Washington, D.C. Members of Congress are chosen through direct election, though vacancies in the Senate may be filled by a Governor (United States), governor's appointment. Congress has a total of 535 voting members, a figure which includes 100 United States senators, senators and 435 List of current members of the United States House of Representatives, representatives; the House of Representatives has 6 additional Non-voting members of the United States House of Representatives, non-voting members. The vice president of the United States, as President of the Senate, has a vote in the Senate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philadelphia And Reading Railroad
The Reading Company ( ) was a Philadelphia-headquartered railroad that provided passenger and freight transport in eastern Pennsylvania and neighboring states from 1924 until its acquisition by Conrail in 1976. Commonly called the Reading Railroad and logotyped as Reading Lines, the Reading Company was a railroad holding company for most of its existence, and a single railroad in its later years. It operated service as Reading Railway System and was a successor to the Philadelphia and Reading Railway Company, founded in 1833. Until the decline in anthracite shipments from the Coal Region in Northeastern Pennsylvania following World War II, it was one of the most prosperous corporations in the United States. Enactment of the federally-funded Interstate Highway System in 1956 led to competition from the modern trucking industry. They used the Interstates for short-distance transportation of goods, which compounded the company's competition for freight business, forcing it into ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grover Cleveland
Stephen Grover Cleveland (March 18, 1837June 24, 1908) was the 22nd and 24th president of the United States, serving from 1885 to 1889 and from 1893 to 1897. He was the first U.S. president to serve nonconsecutive terms and the first History of the Democratic Party (United States), Democrat elected president after the American Civil War, Civil War. Born in Caldwell, New Jersey, Cleveland was elected mayor of Buffalo in 1881 and governor of New York in 1882. While governor, he closely cooperated with New York State Assembly, state assembly minority leader Theodore Roosevelt to pass reform measures, winning national attention. He led the Bourbon Democrats, a pro-business movement opposed to History of tariffs in the United States#Civil War, high tariffs, free silver, inflation, imperialism, and subsidies to businesses, farmers, or Social history of soldiers and veterans in the United States, veterans. His crusade for political reform and fiscal conservatism made him an icon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gilded Age
In History of the United States, United States history, the Gilded Age is the period from about the late 1870s to the late 1890s, which occurred between the Reconstruction era and the Progressive Era. It was named by 1920s historians after Mark Twain's 1873 novel ''The Gilded Age: A Tale of Today''. Historians saw late 19th-century economic expansion as a time of materialistic excesses marked by widespread political corruption. It was a time of rapid economic growth, especially in the Northern United States, Northern and Western United States, Western United States. As American wages grew much higher than those in Europe, especially for skilled workers, and Industrialisation, industrialization demanded an increasingly skilled labor force, the period saw an influx of millions of European immigrants. The rapid expansion of industrialization led to Real wages, real wage growth of 40% from 1860 to 1890 and spread across the increasing labor force. The average annual wage per indust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Protectionism
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the Import substitution industrialization, import-competing sector in the country from foreign competitors and raise government revenue. Opponents argue that protectionist policies reduce trade, and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries against which the protections are implemented. Protectionism has been advocated mainly by parties that hold economic nationalist positions, while economically liberal political parties generally support free trade. There is a consensus among e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
