View source for Panic of 1893

{{Short description|1893–97 financial crisis in the United States}}
[[File:Panic at the NYSE 5 May 1893 cph.3b13869.jpg|thumb|Drawing in ''[[Frank Leslie's Illustrated Newspaper|Frank Leslie's]]'' of panicked stockbrokers on May 9, 1893|upright]]
The '''Panic of 1893''' was an [[Depression (economics)|economic depression]] in the [[United States]]. It began in February 1893 and officially ended eight months later. The [[Panic of 1896]] followed.<ref>{{cite book | title=Business Cycles and Depressions: an Encyclopedia | editor1=Glasner, David | editor2=Cooley, Thomas F. | year=1997 | location=New York | publisher=Garland Publishing | chapter =Panic of 1893 | author=Timberlake, Richard H. Jr. | pages=516–18 | isbn=0-8240-0944-4 | chapter-url-access =registration | chapter-url=https://archive.org/details/businesscyclesde00glas }}</ref> 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 a [[political realignment]] and the [[presidency of William McKinley]].

The panic climaxed with a run on gold from the [[United States Treasury]]. Unemployment rates in many states rose above 25% and poverty became widespread.

== Causes ==
[[File:JudgeMagazine15Jul1893.jpg|thumb|right|The pro-Republican ''[[Judge (magazine)|Judge]]'' magazine blamed the Panic of 1893 on the Democratic victory in the 1892 election.]]

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 Aires, ended further investments in the country.
* [[Australian banking crisis of 1893]] – Speculation in South African and Australian properties collapsed.
* Fear of contagion that led to run on gold in the [[United States Treasury]]. [[Bullion coins]] were considered more valuable than paper money; when people were uncertain about the future, the [[hoarding]] of coins was widespread and paper notes were rejected.<ref name="Nelson, Scott Reynolds 2012. p. 189">Nelson, Scott Reynolds. 2012. A Nation of Deadbeats. New York: Alfred Knopf, p. 189.</ref><ref name=depression>{{Cite web |url=https://eh.net/encyclopedia/the-depression-of-1893/ |title=The Depression of 1893 |website=eh.net}}</ref>
* During the 1880s, American railroads experienced what might today be called a "[[stock market bubble]]": investors flocked to railroads, and they were greatly over-built.<ref>{{Cite news | first=Daniel | last=Gross| url=https://money.cnn.com/galleries/2007/news/0705/gallery.bubbles/2.html | title=The Bubbles that Built America: the Railroad | work=[[CNN]]}}</ref>
* The [[McKinley Tariff]], enacted in 1890 that raised [[tariff]]s as high as 50%.<ref>{{Cite news | url=https://www.politico.com/story/2009/10/mckinley-tariff-imposed-oct-1-1890-027768 | title=McKinley Tariff imposed, Oct. 1 1890 | first=Andrew | last=Glass | work=[[Politico]] | date=October 1, 2009}}</ref>
* The economic policies of President [[Benjamin Harrison]], including [[trade protectionism]], veterans' pensions, and silver.<ref>{{Cite journal | last=Taylor | first=Mark Zachary |date=2021-03-23|title=Ideas and Their Consequences: Benjamin Harrison and the Seeds of Economic Crisis, 1889-1893|url=https://doi.org/10.1080/08913811.2020.1881354 |journal=Critical Review|volume=33|pages=102–127|doi=10.1080/08913811.2020.1881354|s2cid=233706114|issn=0891-3811|url-access=subscription}}</ref>

{{Gilded Age}}During the [[Gilded Age]] of the 1870s and 1880s, the United States had experienced economic growth and expansion, but much of this expansion depended on high international commodity prices, which were also affected by the [[McKinley Tariff]] of 1890. In particular, the opening of numerous mines in the western United States led to an oversupply of silver, leading to significant debate as to how much of the silver should be [[free silver|coined into money]] (see below).

One of the first signs of trouble came on 20 February 1893,<ref>{{cite web |url=http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=US&vol=155&invol=396|title=IN RE RICE |work=Findlaw}}</ref> twelve days before the inauguration of U.S. President [[Grover Cleveland]], with the appointment of receivers for the [[Philadelphia and Reading Railroad]], which had greatly overextended itself.<ref>James L. Holton, ''The Reading Railroad: History of a Coal Age Empire'', Vol. I: The Nineteenth Century, pp. 323–325, citing Vincent Corasso, ''The Morgans''.</ref> Upon taking office, Cleveland dealt directly with the Treasury crisis<ref>{{cite web |url=https://obamawhitehouse.archives.gov/1600/presidents/grovercleveland24 |title=Grover Cleveland |website=The White House |archive-url=https://web.archive.org/web/20100918164651/http://www.whitehouse.gov/about/presidents/grovercleveland24 |archive-date=2010-09-18 |url-status=live }}</ref> and convinced the [[United States Congress]] to repeal the [[Sherman Silver Purchase Act]], which he felt was mainly responsible for the economic crisis.<ref>{{cite web |url=https://millercenter.org/president/cleveland/domestic-affairs |title=Grover Cleveland: Domestic Affairs |archive-url=https://web.archive.org/web/20101009012123/http://millercenter.org/academic/americanpresident/cleveland/essays/biography/4 |archive-date=2010-10-09 |website=Miller Center |url-status=live }}</ref> Concurrently, in 1893, wheat prices crashed.<ref name="Nelson, Scott Reynolds 2012. p. 189" />

As concern for the state of the economy deepened, people rushed to withdraw their money from banks, and caused [[bank run]]s. The [[credit crunch]] rippled through the [[economy of the United States]]. A [[financial crisis]] in London combined with a drop in continental European trade caused foreign investors to sell American stocks to obtain American funds backed by gold.<ref name=depression/>

== Populists ==
The [[People's Party (United States)|People's Party]], also known as the '[[Populism|Populists]]', was an [[agrarianism|agrarian]]-populist political party in the United States. From 1892 to 1896, it played a major role as a left-wing force in American politics. It drew support from angry farmers in the West and South. It was highly critical of [[capitalism]], especially banks and railroads, and allied itself with the labor movement.

Established in 1891 as a result of the Populist movement, the People's Party reached its height in the [[1892 United States presidential election|1892 presidential election]], when its ticket, consisting of [[James B. Weaver]] and [[James G. Field]], won 8.5% of the popular vote and carried five states (Colorado, Idaho, Kansas, Nevada, and North Dakota), and the [[1894 United States House of Representatives elections]] when it won nine seats. Built on a [[coalition]] of poor, white cotton farmers in the South (especially North Carolina, Alabama and Texas) and hard-pressed wheat farmers in the [[Plains States]] (especially Kansas and Nebraska), the Populists represented a radical form of [[agrarianism]] and hostility to elites, cities, banks, railroads, and gold.

==Silver==
{| class="wikitable collapsible collapsed" style="float: right; margin:0 0 1em 1em; font-size: 90%; "
|-
! colspan=3 bgcolor="#ccccff" align="center"| Unemployment rates <br /> during the 1890s <br /> (rates are per 100 persons)<ref>{{Cite journal|last=Romer|first=Christina |author-link= Christina Romer |year=1986 |title=Spurious Volatility in Historical Unemployment Data |journal=Journal of Political Economy |volume=94|issue=1 |pages=1–37 |doi=10.1086/261361|s2cid=15302777 }}</ref>
|-
! Year	!! Lebergott	!! Romer
|-
! 1890
|	4.0	||	4.0
|-
! 1891
|	5.4	||	4.8
|-
! 1892
|	3.0	||	3.7
|-
! 1893
|	11.7	||	8.1
|-
! 1894
|	18.4	||	12.3
|-
! 1895

|	13.7	||	11.1
|-
! 1896
|	14.5	||	12.0
|-
! 1897
|	14.5	||	12.4
|-
! 1898
|	12.4	||	11.6
|-
! 1899
|	6.5	||	8.7
|-
! 1900
|	5.0	||	5.0
|}
The [[Free Silver]] movement arose from a [[synergy]] of farming and mining interests. Farmers sought to invigorate the economy and thereby end [[deflation]], which was forcing them to repay loans with increasingly expensive dollars. Mining interests sought the right to turn silver directly into money without a central minting institution. The [[Sherman Silver Purchase Act]] of 1890, while falling short of the Free Silver movement's goals, required the U.S. government to buy millions of ounces of silver above what was required by the [[Bland–Allison Act|1878 Bland–Allison Act]] (driving up the price of silver and pleasing silver miners). People attempted to redeem [[Silver certificate (United States)|silver notes]] for gold. Ultimately, the statutory limit for the minimum amount of gold in federal reserves was reached and U.S. notes could no longer be redeemed for gold.<ref name=depression/> Investments during the time of the panic were heavily financed through bond issues with high-interest payments. Rumors regarding financial distress at the [[National Cordage Company]] (NCC), then the most actively traded stock, caused its lenders to call in their loans immediately, and the company went into [[bankruptcy]] receivership as a result. The company, a rope manufacturer, had tried to corner the market for imported hemp. As demand for silver and silver notes fell, the price and value of silver dropped. Holders worried about a loss of face value of bonds, and many became worthless.<ref>{{cite book|first=Cynthia Clark|last=Northrup|title=The American Economy: Essays and primary source documents |url=https://books.google.com/books?id=3DE4P7NdaycC&pg=PA195 |year=2003|publisher=ABC-CLIO|page=195|isbn=9781576078662}}</ref>

A series of bank failures followed, and the [[Northern Pacific Railway]], the [[Union Pacific Railroad]] and the [[Atchison, Topeka & Santa Fe Railroad]] failed. This was followed by the bankruptcy of many other companies; in total over 15,000 companies and 500 banks, many of them in the West, failed. According to high estimates, about {{nowrap|17%–19%}} of the workforce was unemployed at the panic's peak. The huge spike in unemployment, combined with the loss of life savings kept in failed banks, meant that a once-secure middle-class could not meet their [[mortgage]] obligations. Many walked away from recently built homes as a result.<ref>Hoffman, Charles. ''The Depression of the Nineties: An Economic History''. Westport, CT: Greenwood Publishing, 1970. p. 109.</ref>

==Effects==
[[Image:War of wealth bank run poster.jpg|thumb|The 1896 Broadway melodrama ''The War of Wealth'' was inspired by the panic of 1893.]]

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]].{{cn|date=October 2025}}{{dubious|The Dow Jones Average didn't begin until 1896|date=October 2025}}

Five hundred banks closed, 15,000 businesses failed, and numerous farms ceased operation. The unemployment rate reached 25% in Pennsylvania, 35% in New York, and 43% in Michigan. [[Soup kitchen]]s were opened to help feed the destitute. Facing starvation, people chopped wood, broke rocks, and sewed by hand with needle and thread in exchange for food. In some cases, women resorted to prostitution to feed their families. To help the people of Detroit, Mayor [[Hazen S. Pingree]] launched his "Potato Patch Plan", which were community gardens for farming.<ref>Parshall, Gerald. "The Great Panic Of '93." U.S. News & World Report 113.17 (1992): 70. Academic Search Complete. Web. 26 Feb. 2013.</ref>

President [[Grover Cleveland]] was blamed for the depression. Gold reserves stored in the [[U.S. Treasury]] fell to a dangerously low level. This forced President Cleveland to borrow $65 million in gold from Wall Street banker [[J. P. Morgan]] and the [[Rothschild banking family of England]], through what was known as the Morgan-Belmont Syndicate<ref>{{cite book|first=Harold U. |last=Faulkner |title=Politics Reform and Expansion: 1890–1900|url=https://books.google.com/books?id=_O2g_mDaYu8C|year=1959|pages=143–44, 155–57}}</ref> His party suffered enormous losses in the [[United States House of Representatives elections, 1894|1894 elections]], largely being blamed for the downward spiral in the economy and the brutal crushing of the [[Pullman Strike]]. After their defeat in 1896, the Democrats did not regain control of any branch of the Federal Government until [[1910 United States elections|1910]].

The building of the [[Love Canal]] was abandoned due to the panic, and the excavated remnant of only 1 mile length would later be repurposed as a toxic waste dump that led to a serious environmental disaster.<ref>{{cite book|last=Blum|first=Elizabeth D.|year=2008|title=Love Canal Revisited : Race, Class, and Gender in Environmental Activism |publisher=University Press of Kansas|location=Kansas|isbn=978-0-7006-1560-5}}</ref>

===Shipping===
[[File:Grand Central Depot 1890s crop.jpg|thumb|The [[Grand Central Depot]] was an important hub for [[rail transportation]], a major part of the [[shipping industry]] in the late nineteenth century.]]
The Panic of 1893 affected many aspects of the [[shipping industry]], both by [[rail transportation|rail]] and maritime. It arrested the acquisition of ships and rolling stock and depressed shipping rates.

====Fluctuations in railroad investment after the Panic of 1893====
The bad omen of investors switching from equity based [[stock]]s to constant return [[Bond (finance)|bonds]] in 1894 was mirrored in the corporate finance actions of railroads which reduced their acquisition of [[rolling stock]]. Railroad expansion including capital expenditures rose again in 1895, but slowed in 1897 during another economic trough.<ref>{{Cite journal |last=Hoffmann |first=Charles |date=1956 |title=The Depression of the Nineties |journal=The Journal of Economic History |volume=16 |issue=2 |pages=137–164 |jstor=2114113 |doi=10.1017/S0022050700058629 |s2cid=155082457}}</ref>

====Receivership====
In 1893, the total railroad mileage in the U.S. was 176,803.6 miles. In 1894 and 1895, railroads only expanded 4,196.4 miles, although 100,000 miles of rail was added from 1878 to 1896.<ref>{{Cite journal|title=Annual report of the Interstate Commerce Commission. 1896.|journal=Interstate Commerce Commission |year=1887| hdl=2027/uc1.$b796977}}</ref> In 1893, the year following the panic, one fourth of all rail mileage went into receivership.<ref>{{Cite journal|last=Leonard |first=W. N.|date=1949|title=The Decline of Railroad Consolidation|journal=The Journal of Economic History|volume=9 |issue=1|pages=1–24|jstor=2113718|doi=10.1017/S0022050700090306|s2cid=154515537 }}</ref> The [[U.S. Census]] placed this value at close to $1.8&nbsp;billion (not adjusted for inflation), the largest amount recorded between 1876 and 1910. This was over $1&nbsp;billion (also not adjusted for inflation) more than the next largest amount, in 1884.<ref name=":0">{{Cite web |url=https://www2.census.gov/library/publications/1911/compendia/statab/33ed/1910-05.pdf|title=Internal Communication and Transportation |date=30 Mar 2015|website=United States Census Bureau}}</ref>

====Pullman Strike====
In 1894, the U.S. Army intervened during a strike in Chicago to prevent property damage.<ref>{{Cite journal|last=Rondinone|first=Troy|date=2009|title=Guarding the Switch: Cultivating Nationalism during the Pullman Strike|journal=The Journal of the Gilded Age and Progressive Era|volume=8|issue=1|pages=83–109|jstor=40542737|doi=10.1017/S1537781400001018|s2cid=163078715}}</ref> The [[Pullman Strike]] began at the [[Pullman Company]] in [[Chicago]] after Pullman refused to either lower rent in the company town or raise wages for its workers due to increased economic pressure from the Panic of 1893.<ref>{{Cite book|url=https://archive.org/details/fromcottagetobun00jose|url-access=registration |page=[https://archive.org/details/fromcottagetobun00jose/page/93 93]|title=From Cottage to Bungalow: Houses and the Working Class in Metropolitan Chicago, 1869-1929|last=Bigott|first=Joseph C.|date=2001-08-15|publisher=University of Chicago Press|isbn=9780226048758}}</ref> Since the Pullman Company was a [[railroad car]] company, this only increased the difficulty of acquiring rolling stock.

====American merchant tonnage====
The maritime industry of the United States did not escape the effects of the Panic of 1893. The total gross registered merchant marine tonnage employed in "foreign and coastwise trade and in the fisheries", as measured by the U.S. Census between 1888 and 1893, grew at a rate of about 2.74%. In 1894, U.S. gross tonnage decreased by 2.9%, and again in 1895 by 1.03%.<ref>{{Cite web|url=https://www2.census.gov/library/publications/1911/compendia/statab/33ed/1910-06.pdf|title=Merchant Marine and Shipping | date=30 Mar 2015|website=United States Census Bureau}}</ref>

====Rates====
In 1894, the rate for a [[bushel]] of wheat by rail dropped from 14.70¢ in 1893 to 12.88¢. This rate continued to decrease, reaching a terminal rate in 1901 of 9.92¢ and never reached 12 cents between 1898 and 1910.<ref name=":0" />

Between 1893 and 1894, average shipping rates by lake or canal per wheat bushel decreased by almost 2 cents, from 6.33¢ to 4.44¢. Rates on the transatlantic crossing from [[New York City]] to [[Liverpool]] also decreased, from 2 and 3/8 pence to 1 and 15/16 pence, but this reflected a continuing trend downward from a high of 3 and 1/8 pence in 1891.<ref name=":0" />

== The Morgan-Belmont Syndicate ==
In February 1895, the [[U.S. Government]] turned to private [[financial institution]]s to underwrite the sale of [[Treasury Bonds|Treasury bonds]], stabilize [[exchange rate]]s, and return the Treasury to its [[gold reserve]] requirement. The result was a contract drawn with what was called "The Morgan-Belmont Syndicate".<ref>{{Cite journal |last=Hoffmann |first=Charles |date=1956 |title=The Depression of the Nineties |url=https://www.jstor.org/stable/2114113 |journal=The Journal of Economic History |volume=16 |issue=2 |pages=137–164 |doi=10.1017/S0022050700058629 |jstor=2114113 |issn=0022-0507}}</ref>

The persistent balance of payments deficit in the 1890s which drained the Treasury gold reserves, caused concern from both domestic and foreign investors that the U.S. would abandon the gold standard. This prompted further gold withdrawals and bond liquidations which exacerbated the deficit. By February 2, 1895, the Treasury's gold reserves fell to approximately $42 million, well below the $100 million level required by the [[Resumption Act of 1875]]. After a series of failed attempts to restore reserves by issuing bonds and depreciating [[Bullion coin|specie]] issued for [[legal tender]], the Treasury negotiated a contract with the Morgan-Belmont Syndicate to restore confidence in the government's ability to maintain the convertibility of legal tender into gold.

The full list of syndicate members was not made public, however the contract named [[Drexel, Morgan & Co.]]., A. Belmont & Co., [[J. S. Morgan & Co.]], and [[N. M. Rothschild & Sons]]. The syndicate achieved its goals through a combination of purchasing gold from smelters, convincing its members to purchase Treasury bonds with gold, inspiring confidence in bond and railroad securities investors, and unofficial [[capital control]]s by convincing members and gold-exporting houses to "ship no gold" overseas.

==See also==
* [[Black Friday (1869)]] – also referred to as the "Gold Panic of 1869"
* [[Basic City, Virginia]]
* [[Denver Depression of 1893]]
* [[The Driver (novel)|''The Driver'']], a 1922 novel set during the panic
* [[Second-term curse]]

==References==
{{reflist}}
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==Further reading==
* [https://books.google.com/books?id=ar0_AAAAYAAJ&q=intitle:annuaL+intitle:CYCLOPEDIA ''American Annual Cyclopedia...1894'' (1895) online]
*Baum, Lyman Frank and W. W. Denslow. ''[[The Wonderful Wizard of Oz]]'' (1900); see [[Political interpretations of The Wonderful Wizard of Oz]]
*Brice, Lloyd Stephens, and James J. Wait. "The Railway Problem." ''North American Review'' 164 (March 1897): 327–48. online at MOA Cornell.
*Cleveland, Frederick A. "The Final Report of the Monetary Commission," ''Annals of the American Academy of Political and Social Science'' 13 (January 1899): 31–56 [https://www.jstor.org/stable/1009378 in JSTOR]
*Closson, Carlos C. Jr. "The Unemployed in American Cities." ''Quarterly Journal of Economics'', vol. 8, no. 2 (January 1894) 168–217 [https://www.jstor.org/stable/1883710 in JSTOR]; vol. 8, no. 4 (July 1894): 443–77 [https://www.jstor.org/stable/1885004 in JSTOR]
*Fisher, Willard. "‘Coin’ and His Critics." ''Quarterly Journal of Economics'' 10 (January 1896): 187–208 [https://www.jstor.org/stable/1882378 in JSTOR]
*Harvey, William H. ''Coin’s Financial School'' (1894), 1963 (Introduction by Richard Hofstadter). [https://books.google.com/books?id=6iYMAQAAIAAJ online first edition]
*Noyes, Alexander Dana. "The Banks and the Panic," ''Political Science Quarterly'' 9 (March 1894): 12–28 [https://www.jstor.org/stable/2139901 in JSTOR].
*Shaw, Albert. "Relief for the Unemployed in American Cities," ''[[Review of Reviews]]'' 9 (January and February 1894): 29–37, 179–91.
*Stevens, Albert Clark. "An Analysis of the Phenomena of the Panic in the United States in 1893," ''Quarterly Journal of Economics'' 8 (January 1894): 117–48 [https://www.jstor.org/stable/1883708 in JSTOR].
*Barnes, James A. ''John G. Carlisle: Financial Statesman'' (1931).
*{{Cite journal|last=Barnes |first=James A. |year=1947 |title=Myths of the Bryan Campaign |journal=Mississippi Valley Historical Review |volume=34 |issue= 3|pages=383–94 |doi=10.2307/1898096|publisher=The Mississippi Valley Historical Review, Vol. 34, No. 3 |jstor= 1898096 }}
*{{Citation |last=Bent |first=Peter H. |year=2015 |title=Crises in Economic and Social History: A Comparative Perspective |chapter=The Stabilising Effects of the Dingley Tariff and the Recovery from the 1890s Depression in the United States | pages=373–390. [https://books.google.com/books?id=CPKMrgEACAAJ]}}
*{{Cite journal|last=Bent |first=Peter H. |year=2015 |title=The Political Power of Economic Ideas: Protectionism in Turn of the Century America |journal=Economic Thought |volume=4 |issue= 2|pages=68–79. [http://et.worldeconomicsassociation.org/files/WEA-ET-4-2.pdf#page=69]}}
*Destler, Chester McArthur. ''American Radicalism, 1865–1901'' (1966).
*[[Davis Rich Dewey|Dewey, Davis Rich]]. ''Financial History of the United States'' (1903). [https://books.google.com/books?id=l3oaAAAAMAAJ online].
*Dighe, Ranjit S. ed. ''The Historian's Wizard of Oz: Reading L. Frank Baum's Classic as a Political and Monetary Allegory'' (2002).
*Dorfman, Joseph Harry. ''The Economic Mind in American Civilization.'' (1949). vol 3.
*Faulkner, Harold Underwood. ''Politics, Reform, and Expansion, 1890–1900.'' (1959).
*Feder, Leah Hanna. ''Unemployment Relief in Periods of Depression ... 1857–1920'' (1926).
*[[Milton Friedman|Friedman, Milton]], and [[Anna Schwartz|Anna Jacobson Schwartz]]. ''A Monetary History of the United States, 1867–1960'' (1963).
* Harpine, William D. ''From the Front Porch to the Front Page: McKinley and Bryan in the 1896 Presidential Campaign'' (2006) [https://www.amazon.com/gp/product/1585445592/ excerpt and text search]
*{{Cite journal|last=Hoffmann |first=Charles |year=1956 |title=The Depression of the Nineties |journal=Journal of Economic History |volume=16 |issue=2 |pages=137–64 |doi= 10.1017/S0022050700058629|jstor= 2114113 |s2cid=155082457 }}
*Hoffmann, Charles. ''The Depression of the Nineties: An Economic History'' (1970).
*Jensen, Richard. ''The Winning of the Midwest: 1888–1896'' (1971).
*Josephson, Matthew. ''The Robber Barons'' New York: Harcourt Brace Jovanovich (1990).
*Kirkland, Edward Chase. ''Industry Comes of Age, 1860–1897'' (1961).
*Lauck, William Jett. ''The Causes of the Panic of 1893'' (1907). [https://books.google.com/books?id=84coAAAAYAAJ online]
*Lindsey, Almont. ''The Pullman Strike'' 1942.
*{{Cite journal|last=Littlefield |first=Henry M. |year=1964 |title=The Wizard of Oz: Parable on Populism |journal=American Quarterly |volume=16 |issue=1 |pages=47–58 |doi=10.2307/2710826|publisher=American Quarterly, Vol. 16, No. 1 |jstor= 2710826 }}
*Nevins, Allan. ''Grover Cleveland: A Study in Courage.'' 1932, Pulitzer Prize.
*{{cite book|last=Ramsey|first=Bruce|author-link=Bruce Ramsey|title=The Panic of 1893: The Untold Story of Washington State's First Depression|year=2018|publisher=[[Caxton Press (United States)|Caxton Press]]|isbn=978-0870046216}}
*{{Cite journal|last=Rezneck |first=Samuel S. |year=1953 |title=Unemployment, Unrest, and Relief in the United States during the Depression of 1893–97 |journal=[[Journal of Political Economy]] |volume=61 |issue=4 |pages=324–345 |doi=10.1086/257393|publisher=The Journal of Political Economy, Vol. 61, No. 4 |jstor= 1826883 |s2cid=154074481 }}
*Ritter, Gretchen. ''Goldbugs and Greenbacks: The Anti-Monopoly Tradition and the Politics of Finance in America'' (1997)
*{{Cite journal|last=Ritter |first=Gretchen |year=1997 |title=Silver slippers and a golden cap: L. Frank Baum's The Wonderful Wizard of Oz and historical memory in American politics |journal=Journal of American Studies |volume=31 |issue=2 |pages=171–203 |doi=10.1017/S0021875897005628 |s2cid=144369952 }}
*{{Cite journal|last=Rockoff |first=Hugh |year=1990 |title=The 'Wizard of Oz' as a Monetary Allegory |journal=Journal of Political Economy |volume=98 |issue=4 |pages=739–60 |doi=10.1086/261704|publisher=The Journal of Political Economy, Vol. 98, No. 4 |jstor= 2937766 |s2cid=153606670 }}
*{{Cite journal|last=Romer|first=Christina |author-link= Christina Romer |year=1986 |title=Spurious Volatility in Historical Unemployment Data |journal=Journal of Political Economy |volume=94|issue=1 |pages=1–37 |doi=10.1086/261361|s2cid=15302777 }}
*Schwantes, Carlos A. ''Coxey’s Army: An American Odyssey'' (1985).
*[[Fred Albert Shannon|Shannon, Fred Albert]]. ''The Farmer’s Last Frontier: Agriculture, 1860–1897'' (1945).
*Steeples, Douglas, and David O. Whitten. ''Democracy in Desperation: The Depression of 1893'' (1998).
*Strouse, Jean. ''Morgan: American Financier'' (1999).
*White; Gerald T. ''The United States and the Problem of Recovery after 1893'' (1982).
*Whitten, David. [https://eh.net/encyclopedia/the-depression-of-1893/ EH.NET article on the Depression of 1893]
* Wicker, Elmus. ''Banking panics of the gilded age'' (Cambridge University Press, 2006) [https://web.archive.org/web/20140323075727/http://www.langtoninfo.co.uk/web_content/9780521025478_frontmatter.pdf contents]
* [https://web.archive.org/web/20101214084202/http://cooperativeindividualism.org/george-henry_causes-of-business-depression.html Causes of the Business Depression] by [[Henry George]]; appeared in ''Once a Week'', a New York periodical, March 6, 1894

{{Commons category|Panic of 1893}}
{{United States–Commonwealth of Nations recessions}}
{{US history}}
{{Financial crises}}
{{Grover Cleveland}}
{{authority control}}

[[Category:1893 in economic history]]
[[Category:1893 in the United States]]
[[Category:19th century in economic history]]
[[Category:Economic crises in the United States]]
[[Category:Financial crises in the United States]]
[[Category:Stock market crashes in the United States|1893]]