The 1893 US financial panic that followed major railroad failures and the collapse of many banks was the Panic of 1893.
The crisis emerged after the Philadelphia and Reading Railroad and other rail companies experienced severe financial trouble. Investor confidence weakened, banks faced runs, and the failure of the National Cordage Company intensified the panic. More than 500 banks failed during the broader depression, according to commonly cited historical estimates.
The crisis also involved a major debate over the monetary standard. Falling gold reserves pressured the federal government, and President Grover Cleveland eventually supported a repeal of the Sherman Silver Purchase Act. The repeal was intended to protect confidence in the US gold reserve.
The Panic of 1893 is distinct from the Panic of 1873 and the Panic of 1907. All three involved banking stress, but they occurred in different economic and political circumstances.