The 1893 U.S. financial panic was called the Panic of 1893.
The Panic of 1893 began when confidence in railroads and financial institutions deteriorated. The failure of the Philadelphia and Reading Railroad in February 1893 was followed by the collapse of the National Cordage Company and the failure of many banks and businesses. Investors became concerned about the nation’s reserves and its ability to maintain confidence in the monetary system.
The panic contributed to a severe economic depression. Unemployment rose, businesses failed, and railroad bankruptcies spread through the economy. The United States also experienced a major debate over the gold standard and the free coinage of silver, which intensified uncertainty about monetary policy.
The Panic of 1893 is sometimes confused with the Panic of 1873 or the Panic of 1907, both of which were separate crises. It preceded the better-known 1907 panic by fourteen years and helped shape later arguments about banking reform.