A classic, Mark Twain quipped, is “a book which people praise and don't read.” The Adventures of Huckleberry Finn is...
Banks and banking seem rather mysterious. What do banks do? Why have they for so long been an integral part of our economy? Why, as in the financial crisis that commenced in 2007, do banks every so often get into trouble and create serious problems for the country?
Andrew Carnegie opened the nation’s largest steel plant just outside of Pittsburgh, Pennsylvania.
In St. Louis, a ring of distillers and federal officials were discovered to have colluded in tax evasion. Those indicted in the scandal included many of President Grant’s appointees.
Henry George’s Progress and Poverty, on the cycle of industrial economy, was published.
The Pendleton Civil Service Reform Act was passed. In an attempt to curb corruption and patronage, the act introduced federal exams and merit requirements for the hiring of civil servants.
Congress passed the Sherman Anti-Trust Act to prohibit trusts and prevent monopolies.
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.