The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, it was marked by the collapse of railroad overbuilding and shaky railroad financing, resulting in a series of bank failures. Compounding market overbuilding and the railroad bubble, was a run on the gold supply. The Panic of '93 was the worst economic depression the United States had ever experienced at the time.
Famous quotes containing the word panic:
“It is clear that all verbal structures with meaning are verbal imitations of that elusive psychological and physiological process known as thought, a process stumbling through emotional entanglements, sudden irrational convictions, involuntary gleams of insight, rationalized prejudices, and blocks of panic and inertia, finally to reach a completely incommunicable intuition.”
—Northrop Frye (b. 1912)