The 1893 U.S. financial crisis that followed railroad failures and banking panic was called the Panic of 1893.
The crisis began after the collapse of major railroad companies, including the Philadelphia and Reading Railroad and the National Cordage Company. Investors lost confidence, banks faced withdrawals, and numerous businesses and railroads failed. The panic spread through the financial system and produced a severe economic depression.
A major concern was the nation’s gold reserve and the convertibility of U.S. currency. The crisis contributed to intense political debate over monetary policy, especially the role of silver and gold. Unemployment rose sharply, and labor unrest included the Pullman Strike of 1894.
The Panic of 1893 is distinct from the Panic of 1873 and the Panic of 1907. Its name identifies the year in which the banking and railroad crisis became a nationwide financial panic.