1 / 7

Panic of 1893

Panic of 1893. By Mitch, Nick, Andrew, and Matt. Causes of Panic. Overbuilding Over-speculation Labor disorder Free-silver agitation (worsened US credit) Europe calls in loans. Effects of the Panic. 8,000 American businesses collapsed in 6 months

sharla
Download Presentation

Panic of 1893

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Panic of 1893 By Mitch, Nick, Andrew, and Matt

  2. Causes of Panic • Overbuilding • Over-speculation • Labor disorder • Free-silver agitation (worsened US credit) • Europe calls in loans

  3. Effects of the Panic • 8,000 American businesses collapsed in 6 months • Charities struggled to provide for homeless • Gangs of hoboes wandered the country • Gold reserve dropped substantially as people traded paper money for gold buzzle.com

  4. Response to the Panic • Federal government was originally against interfering with the economy • Sherman Silver-Purchase act was repealed to stop gold depletion • Loaned out $65 million in gold from JP Morgan coinfacts.com

  5. Cleveland’s Illness • A malignant growth was found in his mouth • Surgery was performed on his yacht to avoid a panic • Had he died, his Vice-President, Adlai Stevenson, would've become president • Stevenson was in support of “soft money” (inflation) and would’ve worsened the crisis nndb.com

  6. Public Reaction • Blamed Cleveland for problems • Though he had sold out the federal government with its loan from JP Morgan • Wilson-Gorman Tariff: theoretically lowered very unpopular McKinley Tariff • Had so many exceptions it barely lowered rates • Democrats were kicked out of the House in the midterm elections • Cleveland was not re-elected

  7. Questions • What were three causes of the Panic of 1893? • Why was the Sherman Silver-Purchase act repealed? • What was the public’s view of Grover Cleveland’s response?

More Related