The Depression of the Nineties*

Charles Hoffmann

The Journal of Economic History, 1956, vol. 16, issue 2, 137-164

Abstract: The depression of the nineties, including the Panic of 1893, has been a subject of great interest for economic historians, as well as for analysts of the business cycle. Coming at the climax of the bitter struggle over the gold standard, this crisis has usually been explained in polemical or oversimplified terms. Despite its significance, there is no published work dealing exclusively with the depression other than W. J. Lauck's The Causes of the Panic of 1893, which treats only the early phases of the crisis. Most explanations of the depression continue to reflect strongly those advanced as plausible during die period itself, with a few qualifications added as the result of the availability of some quantitative data and furdier reflection. Recent construction of additional quantitative series makes possible a more systematic analysis of the economic factors which interacted to precipitate a depression of major proportions.

Date: 1956
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