What was the 1893 U.S. financial collapse known as?

The major U.S. financial collapse that began in 1893 was the Panic of 1893.

The panic developed after the Philadelphia and Reading Railroad failed in February 1893 and the National Cordage Company collapsed in May. Investors became increasingly worried about railroad debt, business solvency, and the government’s gold reserves. A run on banks and a loss of confidence in financial markets followed.

More than 500 banks and roughly 15,000 businesses failed during the wider depression, according to commonly cited historical estimates. Unemployment rose sharply, and the crisis affected farms, railroads, manufacturers, and workers. The depression continued through much of the 1890s.

The Panic of 1893 is distinct from the Panic of 1873 and the Panic of 1907. Its political consequences included intense debate over monetary policy, especially the role of silver and the gold standard in the United States.