The Panic of 1893 was a severe economic depression in the United States that began in May 1893. It was triggered by the collapse of the Philadelphia and Reading Railroad, which led to a loss of confidence in the economy. This financial crisis resulted in widespread bank failures, business bankruptcies, and high unemployment rates, affecting millions of Americans. The panic was exacerbated by declining prices in the agricultural sector and a shortage of gold reserves backing the U.S. dollar. The government’s inability to stabilize the economy led to protests and strikes, including the notable Pullman Strike, highlighting the growing tensions between labor and management during this period.