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Denver Depression of 1893
The Denver Depression of 1893 was an economic depression of Denver, Colorado that began in 1893 after the rapid drop in the price of silver and lasted for several years.〔Leonard 1990, page 102.〕
==Causes==
With the Coinage Act of 1873, bimetallism was disestablished by congress and gold was established as the standard. Despite this, the city of Denver, Colorado enjoyed boomtown growth during the late 19th century after the discovery and development of numerous silver mines and the passage of first the Bland-Allison Act of 1878 and then the Sherman Silver Purchase Act of 1890, both of which required the U.S. government to purchase millions of ounces of silver each year. As one historian of the period noted, “Almost all economic pursuits in the state were tied in one way or another to the mining industry; consequently, almost every Colorado resident had a vested interest in its success.”〔Ubbelohde 1982, page 222.〕 But whereas the silver standard enabled western rural farmers and miners to pay off their debts, bankers in the east were losing money because the circulation of silver was leading to a decline in the value of gold-based money as investors turned in the new silver notes for gold dollars (see also Free silver, silverites). In 1893, those in the west lost the battle, as President Grover Cleveland oversaw the repeal of the Sherman Silver Purchase Act. This caused the prices of silver to fall, and the prices of silver continued to fall further due to an overabundance of the metal when silver was struck in Leadville and in the San Juan Mountains.〔Cotton, website〕
Unfortunately, Denver was already suffering economically due to several successive years of droughts and harsh winters that had hurt the agricultural industry.〔Everett 2005. page 76.〕 Agricultural distress, coupled with the withdrawal of foreign investors and the over-expansion of the silver mining industries, led Denver to experience its first economic depression.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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