What was the severe U.S. financial crisis that began in 1893 called?

The severe U.S. financial crisis that began in 1893 was called the Panic of 1893.

The panic followed the bankruptcy of the Philadelphia and Reading Railroad and growing concern about the financial strength of other railroads. Investors questioned whether rail companies could meet their debts, while banks faced withdrawals and pressure to protect their reserves. The failure of the National Cordage Company added to the loss of confidence.

The crisis produced a major depression in the United States. Banks failed, businesses closed, railroad companies entered receivership, and unemployment rose sharply. The panic also affected Europe because international investors held American securities and depended on gold flows connected with U.S. finances.

The crisis became entangled with the political debate over the gold standard and silver currency. It is sometimes confused with the Panic of 1907, another U.S. banking crisis, but the 1893 episode occurred fourteen years earlier and was especially associated with railroad finance and depleted gold reserves.