On 27 June 1893, the New York Stock Exchange crashed. This led to the Panic of 1893. Unfortunately, many people lost all their money because their investments were financed with bond issues that had high interest rates. The nation was left without a system of credit.

As stocks fell, people exchanged greenbacks for gold. The U.S. Treasury became unable to give people gold in exchange for currency, which compounded the crisis. As the treasury was required by the Sherman Silver Purchase Act to provide silver or gold in exchange for these notes. The Sherman Silver Purchase Act of 1890 compelled the Treasury to purchase 4.5 million ounces of silver every month at market value. The government purchased almost the total output of all silver mines.

The repeal of this act caused a decline in the value of silver and gold. This led to the closing of silver mines and related financial losses. This caused more than 16,000 businesses to fail by the end of 1893. Included in the failed businesses were 156 railroads and nearly 500 banks.

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–Brendan Swanson

Photo Caption: “Coxey at the Capitol. The Commonweal Army leaving Brightwood Camp.” Originally published in Frank Leslie’s Magazine, May 1894