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Grover Cleveland

Presidency

What financial problem befell the country during Cleveland’s second term?

The failure of the Philadelphia and Reading Railroad brought about the Panic of 1893. After the major railroad collapsed, numerous banks followed suit. It was considered the country’s worst economic depression until the Great Depression in 1929.

The Panic of 1893 resulted when a large railroad company and several banks financially collapsed. It was the worst financial crisis America had experienced up to that time.

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