The Panic of 1893 was an economic depression in the United States . It began in February 1893 and officially ended eight months later, but the effects from it continued to be felt until 1897. It was the most serious economic depression in history until the Great Depression of the 1930s. The Panic of 1893 deeply affected every sector of the economy and produced political upheaval that led to the political realignment and the presidency of William McKinley .
39-507: Roane County may refer to two counties in the United States: Roane County, Tennessee Roane County, West Virginia See also [ edit ] Roanoke County [REDACTED] Topics referred to by the same term This disambiguation page lists articles about distinct geographical locations with the same name. If an internal link led you here, you may wish to change
78-579: A coalition of poor, white cotton farmers in the South (especially North Carolina, Alabama and Texas) and hard-pressed wheat farmers in the Plains States (especially Kansas and Nebraska), the Populists represented a radical form of agrarianism and hostility to elites, cities, banks, railroads, and gold. The Free Silver movement arose from a synergy of farming and mining interests. Farmers sought to invigorate
117-469: A continuing trend downward from a high of 3 and 1/8 pence in 1891. In February 1895, the U.S. Government turned to private financial institutions to underwrite the sale of Treasury bonds , stabilize exchange rates , and return the Treasury to its gold reserve requirement. The result was a contract drawn with what was called "The Morgan-Belmont Syndicate". The persistent balance of payments deficit in
156-555: A contributing factor to the depression. The People's Party , also known as the ' Populists ', was an agrarian -populist political party in the United States. From 1892 to 1896, it played a major role as a left-wing force in American politics. It drew support from angry farmers in the West and South. It was highly critical of capitalism , especially banks and railroads, and allied itself with
195-407: A female householder with no husband present, and 31% were non-families. 26.9% of all households were made up of individuals, and 12.2% had someone living alone who was 65 years of age or older. The average household size was 2.39 and the average family size was 2.88. In the county, the population was spread out, with 20.8% under the age of 18 and 18.6% who were 65 years of age or older. The median age
234-640: A planned community as part of the Manhattan Project to develop the atomic bomb. As a result of the Project, both the K-25 gaseous diffusion plant and the Oak Ridge National Laboratory are located in the county. According to the U.S. Census Bureau , the county has a total area of 395 square miles (1,020 km ), of which 361 square miles (930 km ) is land and 34 square miles (88 km ) (8.7%)
273-598: A series of failed attempts to restore reserves by issuing bonds and depreciating specie issued for legal tender , the Treasury negotiated a contract with the Morgan-Belmont Syndicate to restore confidence in the government's ability to maintain the convertibility of legal tender into gold. The full list of syndicate members was not made public, however the contract named Drexel, Morgan & Co ., A. Belmont & Co., J. S. Morgan & Co. , and N. M. Rothschild & Sons . The syndicate achieved its goals through
312-564: Is Tyler Thompson of Kingston. Thompson played Division I basketball in the Ohio Valley Conference for Tennessee Technological University. 35°52′12″N 84°30′6″W / 35.87000°N 84.50167°W / 35.87000; -84.50167 Panic of 1893 The Panic of 1893 has been traced to many causes, one of them pointing to Argentina; investment was encouraged by the Argentine agent bank, Baring Brothers . However,
351-560: Is a county of the U.S. state of Tennessee . As of the 2020 census , the population was 53,404. Its county seat is Kingston . Roane County is included in the Knoxville , TN Metropolitan Statistical Area . Roane County was formed in 1801, and named for Archibald Roane , the second Governor of Tennessee. Upon the creation of the Southwest Territory in 1790, the territory's governor, William Blount , initially wanted to locate
390-856: Is water. Three rivers— the Tennessee River , the Clinch River , and the Emory River — pass through Roane County. The Emory empties into the Clinch near Kingston, and the Clinch empties into the Tennessee just downstream from Kingston. The rivers in Roane are mostly part of Watts Bar Lake . Roane County straddles the geographical boundary between the Tennessee Valley and the Cumberland Plateau , with
429-478: 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. Exacerbating the problems with international investments, wheat prices crashed in 1893. In particular, the opening of numerous mines in the western United States led to an oversupply of silver, leading to significant debate as to how much of
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#1732851950511468-550: The National Cordage Company (NCC), then the most actively traded stock, caused its lenders to call in their loans immediately, and the company went into bankruptcy receivership as a result. The company, a rope manufacturer, had tried to corner the market for imported hemp. As demand for silver and silver notes fell, the price and value of silver dropped. Holders worried about a loss of face value of bonds, and many became worthless. A series of bank failures followed, and
507-584: The Northern Pacific Railway , the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad failed. This was followed by the bankruptcy of many other companies; in total over 15,000 companies and 500 banks, many of them in the West, failed. According to high estimates, about 17%–19% of the workforce was unemployed at the panic's peak. The huge spike in unemployment, combined with
546-833: The Pullman Strike . After their defeat in 1896, the Democrats did not regain control of any branch of the Federal Government until 1910 . A rarely talked-about effect is the Love Canal disaster. People who were earlier keen to invest in the Love Canal stopped doing so, which led to the abandonment of its construction. Ultimately the canal ended up being a large toxic waste repository, with severe negative environmental effects. Love Canal remains synonymous with environmental pollution and degradation. The Panic of 1893 affected many aspects of
585-526: The U.S. Treasury fell to a dangerously low level. This forced President Cleveland to borrow $ 65 million in gold from Wall Street banker J.P. Morgan and the Rothschild banking family of England , through what was known as the Morgan-Belmont Syndicate His party suffered enormous losses in the 1894 elections , largely being blamed for the downward spiral in the economy and the brutal crushing of
624-482: The shipping industry , both by rail and maritime. It arrested the acquisition of ships and rolling stock and depressed shipping rates. The bad omen of investors switching from equity based stocks to constant return bonds in 1894 was mirrored in the corporate finance actions of railroads which reduced their acquisition of rolling stock . Railroad expansion including capital expenditures rose again in 1895, but slowed in 1897 during another economic trough. In 1893,
663-573: The 1890 wheat crop failure and a failed coup in Buenos Aires ended further investments. In addition, speculations in South African and Australian properties also collapsed. Because European investors were concerned that these problems might spread, they started a run on gold in the U.S. Treasury . Specie was considered more valuable than paper money; when people were uncertain about the future, they hoarded specie and rejected paper notes. During
702-469: The 1890s which drained the Treasury gold reserves, caused concern from both domestic and foreign investors that the U.S. would abandon the gold standard. This prompted further gold withdrawals and bond liquidations which exacerbated the deficit. By February 2, 1895, the Treasury's gold reserves fell to approximately $ 42 million, well below the $ 100 million level required by the Resumption Act of 1875 . After
741-599: The Pullman Company was a railroad car company, this only increased the difficulty of acquiring rolling stock. The maritime industry of the United States did not escape the effects of the Panic of 1893. The total gross registered merchant marine tonnage employed in "foreign and coastwise trade and in the fisheries", as measured by the U.S. Census between 1888 and 1893, grew at a rate of about 2.74%. In 1894, U.S. gross tonnage decreased by 2.9%, and again in 1895 by 1.03%. In 1894,
780-755: The Treasury crisis and convinced Congress to repeal the Sherman Silver Purchase Act , which he felt was mainly responsible for the economic crisis. As concern for the state of the economy deepened, people rushed to withdraw their money from banks, and caused bank runs . The credit crunch rippled through the economy. A financial panic in London combined with a drop in continental European trade caused foreign investors to sell American stocks to obtain American funds backed by gold. The economic policies of President Benjamin Harrison have been characterized as
819-742: The Union. In October 1861, Union guerrilla William B. Carter organized the East Tennessee bridge-burning conspiracy from a command post in Kingston. During the Knoxville Campaign in December 1863, a Union force led by General James G. Spears scattered a small Confederate force led by John R. Hart near Kingston. In the years following the Civil War, Rockwood grew into a major iron and coal mining center with
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#1732851950511858-412: The county was 94.4% White , 2.7% Black or African American , 0.3% Native American , 0.5% Asian , 0.0003% Pacific Islander , 0.17% from other races , and 1.6% from two or more races. 1.3% of the population were Hispanic or Latino of any race. There were 22,376 households, out of which 23.9% had children under the age of 18 living with them, 53.8% were married couples living together, 10.9% had
897-419: The destitute. Facing starvation, people chopped wood, broke rocks, and sewed by hand with needle and thread in exchange for food. In some cases, women resorted to prostitution to feed their families. To help the people of Detroit, Mayor Hazen S. Pingree launched his "Potato Patch Plan", which were community gardens for farming. President Grover Cleveland was blamed for the depression. Gold reserves stored in
936-453: The economy and thereby end deflation , which was forcing them to repay loans with increasingly expensive dollars. Mining interests sought the right to turn silver directly into money without a central minting institution. The Sherman Silver Purchase Act of 1890, while falling short of the Free Silver movement's goals, required the U.S. government to buy millions of ounces of silver above what
975-607: The establishment of the Roane Iron Company by General John T. Wilder . Iron ore and coal were mined on Walden Ridge and shipped to Rockwood, where the ore was converted into pig iron. The pig iron was then shipped to rolling mills in Knoxville or Chattanooga. During the late 19th century, northern investors established two planned cities in Roane County—; Cardiff and Harriman . Cardiff, located northeast of Rockwood,
1014-514: The labor movement. Established in 1891 as a result of the Populist movement, the People's Party reached its height in the 1892 presidential election , when its ticket, consisting of James B. Weaver and James G. Field , won 8.5% of the popular vote and carried five states (Colorado, Idaho, Kansas, Nevada, and North Dakota), and the 1894 House of Representatives elections when it won nine seats. Built on
1053-517: The latter's Walden Ridge escarpment visible from much of the county. As of the 2020 United States census , there were 53,404 people, 20,901 households, and 13,948 families residing in the county. As of the census of 2010, there were 54,181 people, 22,376 households, and 15,450 families residing in the county. The population density was 150 people per square mile (58 people/km ). There were 25,716 housing units at an average density of 71 units per square mile (27/km ). The racial makeup of
1092-416: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Roane_County&oldid=933090143 " Category : United States county name disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Roane County, Tennessee Roane County
1131-612: The loss of life savings kept in failed banks, meant that a once-secure middle-class could not meet their mortgage obligations. Many walked away from recently built homes as a result. As a result of the panic, stock prices declined. Five hundred banks closed, 15,000 businesses failed, and numerous farms ceased operation. The unemployment rate hit 25% in Pennsylvania, 35% in New York, and 43% in Michigan. Soup kitchens were opened to help feed
1170-661: The population were below the poverty line , including 18.80% of those under age 18 and 13.80% of those age 65 or over. The Census Bureau has defined the Harriman-Kingston-Rockwood area as a contiguous urban cluster . Several movies have been filmed in Roane County, including Boys of Summerville , That Evening Sun and October Sky . Roane County was the childhood home of actress Megan Fox , who lived in Kingston . She attended elementary school, took dance classes, and
1209-487: The rate for a bushel of wheat by rail dropped from 14.70¢ in 1893 to 12.88¢. This rate continued to decrease, reaching a terminal rate in 1901 of 9.92¢ and never reached 12 cents between 1898 and 1910. Between 1893 and 1894, average shipping rates by lake or canal per wheat bushel decreased by almost 2 cents, from 6.33¢ to 4.44¢. Rates on the transatlantic crossing from New York City to Liverpool also decreased, from 2 and 3/8 pence to 1 and 15/16 pence, but this reflected
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1248-578: The silver should be coined into money (see below). During the 1880s, American railroads experienced what might today be called a " bubble ": investors flocked to railroads, and they were greatly over-built. One of the first clear signs of trouble came on 20 February 1893, twelve 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. Upon taking office, Cleveland dealt directly with
1287-628: The territorial capital at the mouth of the Clinch River , but was unable to obtain title to the land from the Cherokee . Kingston, Roane's county seat, is rooted in Fort Southwest Point , a frontier fort constructed in the early 1790s. During the Civil War, Roane County, like many East Tennessee counties, was largely pro-Union. When Tennessee voted on the Ordinance of Secession on June 8, 1861, Roane Countians voted 1,568 to 454 in favor of remaining in
1326-424: The total railroad mileage in the U.S. was 176,803.6 miles. In 1894 and 1895, railroads only expanded 4,196.4 miles, although 100,000 miles of rail was added from 1878 to 1896. In 1893, the year following the panic, one fourth of all rail mileage went into receivership. The U.S. Census placed this value at close to $ 1.8 billion (not adjusted for inflation), the largest amount recorded between 1876 and 1910. This
1365-419: Was 44.9 years. For every 100 females there were 96.6 males. For every 100 females age 18 and over, there were 92.85 males. As of the census of 2000, the median income for a household in the county was $ 33,226, and the median income for a family was $ 41,399. Males had a median income of $ 32,204 versus $ 22,439 for females. The per capita income for the county was $ 18,456. About 10.30% of families and 13.90% of
1404-453: Was on the swim team in Roane County. The 2010 film, Get Low , starring Bill Murray , Robert Duvall , and Sissy Spacek , was based on the true story of a Roane County man, Felix Breazeale. Breazeale was a local hermit who opted to throw himself a funeral while he was still alive. The funeral intrigued many, making it a gathering of thousands. Roane County has produced thousands of successful athletes. One of Roane County's most recent athletes
1443-576: Was over $ 1 billion (also not adjusted for inflation) more than the next largest amount, in 1884. In 1894, the U.S. Army intervened during a strike in Chicago to prevent property damage. The Pullman Strike began at the Pullman Company in Chicago after Pullman refused to either lower rent in the company town or raise wages for its workers due to increased economic pressure from the Panic of 1893. Since
1482-448: Was planned as a company town to support several proposed mining industries in the area. Harriman was planned as a Temperance Town . Both ventures suffered critical setbacks as a result of the Panic of 1893 . Harriman survived, but never grew in the manner its planners had envisioned, while Cardiff failed altogether. During World War II, the federal government created the city of Oak Ridge as
1521-457: Was required by the 1878 Bland–Allison Act (driving up the price of silver and pleasing silver miners). People attempted to redeem silver notes for gold. Ultimately, the statutory limit for the minimum amount of gold in federal reserves was reached and U.S. notes could no longer be redeemed for gold. Investments during the time of the panic were heavily financed through bond issues with high-interest payments. Rumors regarding financial distress at
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