Depression of 1893-1897

Depression of 1893-1897

• Panic of 1893
  • Stock market crashed
  • British call American loans and drain gold from American system
  • declining farm prices and unrest
  • Reading Railroad and National Cordage Company went bankrupt
  • Caused 491 banks and 15,000 business fail
  • 15% unemployment rate
• Jacob Coxey had the idea of sending a “living petition,” called Coxey's Army, to Congress
  • wanted to get unemployed to do public works
  • Coxey and his “army” arrested for tresspassing