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The Depressions begins
In 1893 after the London banking house of Baring Brothers collapsed, a financial panic precipitated a world wide industrial depression. -
Period: to
The Depression
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Controversy of the Depression
President Cleveland believed that the controversy over silver had caused the derpression by shaking the confidence of the business community and that all would be well if the country returned to a single gold standard. He sommoned a special session of congress, and by exerting immense political pressure he obtained the repeal of the Sherman Silver Purchase Act. -
Harsh winter
In the U.S. hundreds of cotton mills and iron foundries closed, never to re-open. During the harsh winter millions were without jobs, this contented industrial workers adding their voices to the complaints of the mid-western farmers.
