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Glossary Term – Event

Panic of 1893

The stock market crashed, prompting the Panic of 1893 and leading to the bankrupting of the United States Treasury. The already weakened economy collapsed as people withdrew deposited funds and banks failed. Exports also declined and unemployment grew.

Glossary Term – Event

National Bank Act

The National Bank Act established a federal banking system and a national currency based on the holdings of the federal Treasury.