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The Causes of the Panic of 1893 by William Jett

April 19, 2010

INTRODUCTION

In approaching the problem of the causes of the crisis of 1893, it is necessary to adopt a somewhat unusual mode of procedure, owing to the fact that in November, 1890, three years previous to the crisis of 1893, a severe financial panic was felt in Great Britain, Germany, and the United States.

Such a breakdown in the financial world as that of 1890, followed by a more violent collapse during 1893, suggests a possible connection between these two events. In order, therefore, to clear the ground thoroughly before entering into a direct examination of the causes of the crisis of 1893, it is first necessary to dispose of the preliminary question as to the effect, if any, of the panic of 1890 upon the crisis of 1893. To do this properly requires the solution of a problem involving two elements: first, to discover the causes of the panic of 1890; and, second, to ascertain whether these causes were still in operation, even in a modified form, after 1890, and consequently whether they were in any way responsible for the crisis of 1893.

The working-out of the first process in this problem — the inquiry into the causes of the panic of 1890 — obviously necessitates an examination of the financial and industrial movements, both at home and abroad, which were developing during the years immediately preceding 1890, and which finally came to a head in the panic of that year.

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