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The panic of 1893 was a serious economic depression in the United States that began in 1893. ==Causes== One of the causes for the panic of 1893 can be traced back to Argentina. Investment was encouraged by the Argentine agent bank, Baring Brothers. However, the failure of the 1890 wheat crop and a coup in Buenos Aires ended further investments. Because European investors were concerned that these problems might spread, they started a run on gold in the U.S. Treasury, since it was comparatively simple for them to cash in their dollar investments for exportable gold.〔Nelson, Scott Reynolds. 2012. A Nation of Deadbeats. New York: Alfred Knopf, p. 188.〕 During the Gilded Age of the 1870s and 1880s, the United States had experienced economic growth and expansion, but much of this expansion depended on high international commodity prices and in 1893 wheat prices crashed.〔Nelson, Scott Reynolds. 2012. A Nation of Deadbeats. New York: Alfred Knopf, p. 189.〕 One of the first clear signs of trouble came on February 20, 1893,〔http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=US&vol=155&invol=396〕 thirteen days before the inauguration of U.S. president Grover Cleveland, with the appointment of receivers for the Philadelphia and Reading Railroad, which had greatly overextended itself.〔James L. Holton, ''The Reading Railroad: History of a Coal Age Empire'', Vol. I: The Nineteenth Century, pp. 323–325, citing Vincent Corasso, ''The Morgans''.〕 Upon taking office, Cleveland dealt directly with the Treasury crisis,〔"(Grover Cleveland )," whitehouse.gov〕 and successfully convinced Congress to repeal the Sherman Silver Purchase Act, which he felt was mainly responsible for the economic crisis.〔"(Grover Cleveland )," American President: A Reference Resource, millercenter.org〕 As concern for the state of the economy worsened, people rushed to withdraw their money from banks, and caused bank runs. The credit crunch rippled through the economy. A financial panic in the United Kingdom and a drop in trade in Europe caused foreign investors to sell American stocks to obtain American funds backed by gold.〔 〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Panic of 1893」の詳細全文を読む スポンサード リンク
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