The Panic of 1893 was a major U.S. financial crisis that followed railroad failures and helped trigger a severe depression.
The Philadelphia and Reading Railroad entered receivership in February 1893, and the collapse of the National Cordage Company in May intensified fears. Banks and businesses faced pressure as investors withdrew funds, while the United States' gold reserves fell amid uncertainty over currency policy. Several hundred banks and railroads failed during the wider downturn.
The crisis produced unemployment, business closures, and social unrest across the United States. It also intensified the political debate between advocates of gold and supporters of expanded silver coinage, a central issue in the 1896 presidential election. The Panic of 1893 is separate from the Panic of 1873 and the Panic of 1907, despite all three involving banking and railroad stress.