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
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