Because of a run on gold, he was compelled to end silver coinage and he opposed the Wilson-Gorman Tariff, both unpopular with the Democrats, who were in power at the time.
It ended the political career of John Carlisle, who was serving as the Secretary of the Treasury at its onset. Because of a run on gold, he was compelled to end silver coinage and he opposed the Wilson-Gorman Tariff, both unpopular with the Democrats, who were in power at the time.* This was coupled with the bankruptcy of the Philadelphia and Reading Railroad and the National Cordage Co., the most traded stock at the time. What resulted were the failing of over 500 banks and the bankruptcy of over 15,000 companies, including the Northern Pacific, Union Pacific, and Atchison, Topeka, and Santa Fe Railroads. FTP, what was this economic downturn which struck during Grover Cleveland's second term?
It ended the political career of John Carlisle, who was serving as the Secretary of the Treasury at its onset.
Panic of 1893