Sunday, April 29, 2012

A Look Into History: Panic of 1893

The Panic of 1893 was a depression that hit the United States. It was mainly caused by a burst of the train industry's bubble which lead to the failure of the banks. People had no faith in the economy and rushed to withdrawal their savings. Then the issue of gold and silver metals as a currency caused even more trouble as trust in silver plummeted.  

America suffered devastating unemployment rates and was it's worst crisis until the Great Depression decades later. The economy slowly recovered and set normal after going to a full-gold standard and new gold mines helped set things back to normal. 

1 comment:

  1. looking this up right now. Its always good to learn something new! :)