Panic of 1893 In Pictographs & Illustrations
A Brief History of U.S. Banking Problems A rather conventional summary of horrific banking crises.
Take a ride on the Reading Railroad? Bankruptcy of the Reading Railroad, 1893.
Bank runs. Credit crunches.
People could not redeem silver certificates for gold. The US Treasury quickly ran low on gold. United States Notes no longer be redeemed for gold. Alas, not "as good as gold!"
National Cordage Company (most actively traded stock) went into receivership as bankers called their loans in response to rumors... The company, a hemp rope manufacturer, failed to corner the market for imported hemp.
Unemployment reported near 17%-19%. Life savings lost in failed banks. Mortgage defaults. Many walked away from recently built homes.
$65 million [line of credit supposedly backed] in gold from JP Morgan, Wall Street Bank in order to meet the US gold standard reserve requirement.
---------------------- Reference ------------------------
Baum, Lyman Frank and W. W. Denslow. The Wonderful Wizard of Oz (1900); see Political interpretations of The Wonderful Wizard of Oz
Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul ☑
Want DP delivered to your inbox daily? Subscribe here: