The Panic of 1893

Question

The Panic of 1893

Quizplus · Accepted Answer

The Panic of 1893 indeed triggered the nation's most severe depression up to that point. It was caused by a variety of factors, including the failure of several major businesses, the gold drain, labor unrest, and agricultural decline. While President Cleveland's attempts at monetary reform, particularly his repeal of the Sherman Silver Purchase Act, contributed to the panic, it cannot be said that the panic grew out of his administration's attempts at monetary reform. There is also no direct evidence linking the panic to a drought in the Midwest or Populist politics.