What was most responsible for causing the depression of 1893

Asked by admin @ 29/10/2021 in History viewed by 270 People

The Panic of 1893 was brought about by two primary reasons. What were they? Lower tariffs made it more difficult for American companies to sell abroad. A run on the Federal reserves of gold caused supplies to become low. Too many people bought items on credit and were unable to pay it back. A number of railroads became financially overextended and went bankrupt.

Answered by admin @ 29/10/2021

The Panic of 1893 was brought on by a number of railroads becoming financially overextended and going bankrupt. The Panic of 1893 was a very serious economic depression that savaged the US. It was similar to the Panic o 1873 in the way it was marked by the collapse of the railroad which had greatly overbuilt and the unstable financing use to overbuild crumbled with set off multiple bank failures.

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