Panic of 1893

During the 1890s, there was a time of economic depression in the year 1893. This was caused by the 1890 Sherman Silver Purchase Act which required the United States government to purchase 4.5 million onces of silver every month at market price, purchased with a new issue of treasury notes and minted into dollar coins, both of which could be redeemed for gold from the U.S. Treasury. The Act also required the Treasury to value gold at sixteen times that of silver by law.