The severe U.S. financial and stock-market crisis that began in 1893 was called the Panic of 1893.
The panic began after the Philadelphia and Reading Railroad declared bankruptcy in February 1893, damaging confidence in heavily indebted railroads. A major trigger followed when the National Cordage Company failed in May. Investors rushed to sell securities, while banks faced withdrawals and businesses struggled to obtain credit.
The crisis became an international depression. More than 500 banks failed in the United States during 1893, and roughly 15,000 businesses and 642 banks failed by 1896, according to historical estimates commonly cited for the wider downturn. Unemployment rose sharply, although exact national figures vary because statistical coverage was limited.
The panic is sometimes confused with the Panic of 1873 or the Panic of 1907, which were separate U.S. financial crises. It also helped shape the political debate over monetary policy, including the 1896 presidential campaign and arguments over using silver alongside gold.