The 1893 U.S. financial crisis was the Panic of 1893.
The panic was intensified by the failure of the Philadelphia and Reading Railroad and by uncertainty over the nation’s monetary policy, especially the government’s silver-purchase requirements. Investors and depositors became increasingly concerned about the financial position of banks and railroads.
More than 500 banks failed during the crisis, and hundreds of railroads entered receivership. Unemployment rose sharply, while protests and labor conflict reflected the wider economic damage. The New York Stock Exchange itself faced severe strain as confidence and liquidity deteriorated.
The crisis helped make the gold-versus-silver debate a central issue in American politics. William Jennings Bryan’s 1896 presidential campaign famously defended the free coinage of silver, while President Grover Cleveland supported repealing the Sherman Silver Purchase Act. The Panic of 1893 was not the same event as the Panic of 1873 or the later Panic of 1907.