The 1893 U.S. financial crisis was called the Panic of 1893.
The panic began after the collapse of the Philadelphia and Reading Railroad and the failure of the National Cordage Company. Concern about banks and the government’s gold reserves prompted depositors to withdraw funds. More than 500 banks failed during the crisis, and many railroads entered bankruptcy.
The resulting depression brought severe unemployment, falling prices, business closures, and labor unrest. The Pullman Strike of 1894 occurred during this broader economic hardship. The panic also intensified the political debate over whether the United States should maintain the gold standard or adopt a silver-based monetary system.
The Panic of 1893 is often confused with the Panic of 1873 because both involved railroad finance and prolonged economic weakness. It was also a major background event in the 1896 presidential campaign, when William Jennings Bryan’s “Cross of Gold” speech argued against strict adherence to gold.