Preceding the Great Depression by forty years, on May 5, 1893, the New York Stock Exchange crashed, sending the U.S. into a depression. The Panic of 1893 was the most serious depression to hit the United States up to that time, and was believed to have been precipitated by a rush on the gold supply. Bank failures followed the crash, and thousands of businesses failed as the value of gold and silver fell dramatically.
Today In History- May 5
Panic of 1893: Crash on the New York Stock Exchange starts a depression.
1893 Stock Exchange crash plunges nation into depression.
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