The Panic of 1893 was an economic depression in the United States . It began in February 1893 and officially ended eight months later, but the effects from it continued to be felt until 1897. It was the most serious economic depression in history until the Great Depression of the 1930s. The Panic of 1893 deeply affected every sector of the economy and produced political upheaval that led to the political realignment and the presidency of William McKinley .
50-805: Superior Public Library is located in Superior, Wisconsin . The library was founded in 1888 and serves as the public library for Douglas County, Wisconsin. The library is part of the Merlin Library Automation Consortium and the eight-county Northern Waters Library Service of Northern Wisconsin. It is also an Area Research Center for the Wisconsin Historical Society 's archival network. The collection features books and magazines including books on CD and large print books. Patrons can check out music CDs, videos, and DVDs. Telephone and walk-in reference service
100-595: A coalition of poor, white cotton farmers in the South (especially North Carolina, Alabama and Texas) and hard-pressed wheat farmers in the Plains States (especially Kansas and Nebraska), the Populists represented a radical form of agrarianism and hostility to elites, cities, banks, railroads, and gold. The Free Silver movement arose from a synergy of farming and mining interests. Farmers sought to invigorate
150-474: A continuing trend downward from a high of 3 and 1/8 pence in 1891. In February 1895, the U.S. Government turned to private financial institutions to underwrite the sale of Treasury bonds , stabilize exchange rates , and return the Treasury to its gold reserve requirement. The result was a contract drawn with what was called "The Morgan-Belmont Syndicate". The persistent balance of payments deficit in
200-571: A contributing factor to the depression. The People's Party , also known as the ' Populists ', was an agrarian -populist political party in the United States. From 1892 to 1896, it played a major role as a left-wing force in American politics. It drew support from angry farmers in the West and South. It was highly critical of capitalism , especially banks and railroads, and allied itself with
250-507: A male householder with no wife present, and 43.9% were non-families. 34.6% of all households were made up of individuals, and 12% had someone living alone who was 65 years of age or older. The average household size was 2.23 and the average family size was 2.84. The median age in the city was 35.4 years. 21.3% of residents were under the age of 18; 13.4% were between the ages of 18 and 24; 26% were from 25 to 44; 25.9% were from 45 to 64; and 13.5% were 65 years of age or older. The gender makeup of
300-423: A producer of plastic films; Genesis Attachments, manufacturer of shears and grapples; Amsoil , a producer of synthetic motor oil and lubricants; and Crane Song Ltd., a manufacturer of discrete Class A electronics for recording studios. Fraser Shipyards also provides many jobs to local residents. They repower and repair commercial vessels. Superior Public Library is located in downtown Superior. Superior City FC,
350-670: A refinery in Superior. The refinery is located along a pipeline connecting western Canada and the Midwest . On April 26, 2018, there was an explosion at the refinery. Douglas County issued a state of emergency due to heavy smoke, and then an evacuation order for local residents and workers. There were 20 injuries, and five were taken to hospital in Duluth. No fatalities were reported. Growing area manufacturers include FenTech, Inc., which manufactures vinyl doors and windows; Charter NEX Films,
400-569: A semi-professional soccer club, compete in the United Premier Soccer League (UPSL). Founded in 2023, the club supports a Men's UPSL Premier team, a Women's UPSL Premier team, and multiple amateur adult teams. The club plays their home games at the NBC Spartan Sports Complex, located at Superior Senior High School. There are several parks in the city, including the second largest municipal forest in
450-608: A series of failed attempts to restore reserves by issuing bonds and depreciating specie issued for legal tender , the Treasury negotiated a contract with the Morgan-Belmont Syndicate to restore confidence in the government's ability to maintain the convertibility of legal tender into gold. The full list of syndicate members was not made public, however the contract named Drexel, Morgan & Co ., A. Belmont & Co., J. S. Morgan & Co. , and N. M. Rothschild & Sons . The syndicate achieved its goals through
500-494: Is available and the library also has meeting rooms. Computers and Internet access are available as well as photocopiers and a typewriter. There is a microfilm collection including pre-1907 naturalization records, old censuses, vital records, and other historical documents. Programs for both children and adults are also available. The library has three branches. They are the Superior Public Library in Superior ,
550-671: Is located along Belknap Street near the University of Wisconsin–Superior. United Presbyterian Church represents the Presbyterian Church U.S.A as a merger of three churches in a new church building. Faith United Methodist Church is the result of a merger of the city's original three Methodist Churches: First, Central and Trinity. Many small churches dot the city's neighborhoods, representing most major denominations. Panic of 1893 The Panic of 1893 has been traced to many causes, one of them pointing to Argentina; investment
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#1732801647191600-495: Is part of the Duluth radio and television market. The following routes are located within the city of Superior. Richard I. Bong Airport (KSUW) serves the city and surrounding communities. Duluth International Airport in Duluth is the nearest commercial airport, with service on three commercial and two cargo airlines, as of December 2018. The Duluth Transit Authority provides Superior and nearby Duluth with fixed-route and dial-a-ride public bus service. Intercity bus service to
650-687: The Cathedral of Christ the King in Superior is the mother church of the diocese. Saint Francis Xavier Catholic Church, located in the East End of Superior, has been noted for its architecture. Christ Evangelical Lutheran Church is the only congregation of the Lutheran Church Missouri Synod located in Superior. It recently moved from its original location on Belknap Street to a new campus on North 28th Street. Pilgrim Lutheran Church
700-560: The National Cordage Company (NCC), then the most actively traded stock, caused its lenders to call in their loans immediately, and the company went into bankruptcy receivership as a result. The company, a rope manufacturer, had tried to corner the market for imported hemp. As demand for silver and silver notes fell, the price and value of silver dropped. Holders worried about a loss of face value of bonds, and many became worthless. A series of bank failures followed, and
750-609: The Northern Pacific Railway , the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad failed. This was followed by the bankruptcy of many other companies; in total over 15,000 companies and 500 banks, many of them in the West, failed. According to high estimates, about 17%–19% of the workforce was unemployed at the panic's peak. The huge spike in unemployment, combined with
800-865: The Pullman Strike . After their defeat in 1896, the Democrats did not regain control of any branch of the Federal Government until 1910 . A rarely talked-about effect is the Love Canal disaster. People who were earlier keen to invest in the Love Canal stopped doing so, which led to the abandonment of its construction. Ultimately the canal ended up being a large toxic waste repository, with severe negative environmental effects. Love Canal remains synonymous with environmental pollution and degradation. The Panic of 1893 affected many aspects of
850-688: The Twin Ports . They share a harbor that is one of the most important ports on the Great Lakes . Both cities feature museum ships ( SS William A. Irvin in Duluth and SS Meteor in Superior), devoted to the local maritime heritage. Superior was the final port of call for SS Edmund Fitzgerald before her sinking on November 10, 1975. It is an industrial city, with ship harbors along two sides, several large rail yards, an oil refinery, and shipyard. The first log cabin in Superior
900-544: The U.S. Treasury fell to a dangerously low level. This forced President Cleveland to borrow $ 65 million in gold from Wall Street banker J.P. Morgan and the Rothschild banking family of England , through what was known as the Morgan-Belmont Syndicate His party suffered enormous losses in the 1894 elections , largely being blamed for the downward spiral in the economy and the brutal crushing of
950-589: The United States Census Bureau , the city has a total area of 55.65 sq mi (144.13 km ), of which, 36.96 sq mi (95.73 km ) is land and 18.69 sq mi (48.41 km ) is water. Most of Superior is level with a gradual slope toward Lake Superior. As of the census of 2020 , the population was 26,751. The population density was 730.5/sq mi (282.0/km ). There were 12,593 housing units at an average density of 343.9/sq mi (132.8/km ). The racial makeup of
1000-482: The shipping industry , both by rail and maritime. It arrested the acquisition of ships and rolling stock and depressed shipping rates. The bad omen of investors switching from equity based stocks to constant return bonds in 1894 was mirrored in the corporate finance actions of railroads which reduced their acquisition of rolling stock . Railroad expansion including capital expenditures rose again in 1895, but slowed in 1897 during another economic trough. In 1893,
1050-476: The 1890s which drained the Treasury gold reserves, caused concern from both domestic and foreign investors that the U.S. would abandon the gold standard. This prompted further gold withdrawals and bond liquidations which exacerbated the deficit. By February 2, 1895, the Treasury's gold reserves fell to approximately $ 42 million, well below the $ 100 million level required by the Resumption Act of 1875 . After
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#17328016471911100-785: The Joan Salmen Memorial Library in Solon Springs , and the Imogene McGrath Memorial Library in Lake Nebagamon . Superior, Wisconsin Superior ( / s ʊ ˈ p ɪ r . i . ə r / ; Ojibwe : Gete-oodenaang ) is a city in and the county seat of Douglas County, Wisconsin , United States. The population was 26,751 at the 2020 census . Located at the western end of Lake Superior in northwestern Wisconsin,
1150-609: The Land and River Improvement Company, which developed much of West Superior, including the West Superior Iron and Steel plant. Numerous grain, coal and lumber businesses formed in the same period. In the Boom Period from 1888 to 1892, Land and River Improvement and others built impressive architect-designed business blocks on Tower Avenue, seeing Superior as the "new Chicago". Many of the investors were from out East, so
1200-610: The Pullman Company was a railroad car company, this only increased the difficulty of acquiring rolling stock. The maritime industry of the United States did not escape the effects of the Panic of 1893. The total gross registered merchant marine tonnage employed in "foreign and coastwise trade and in the fisheries", as measured by the U.S. Census between 1888 and 1893, grew at a rate of about 2.74%. In 1894, U.S. gross tonnage decreased by 2.9%, and again in 1895 by 1.03%. In 1894,
1250-1043: The Spartan. Over 1,400 students are also enrolled in the Maple School District. Parochial schools include the Catholic Cathedral School, the Protestant-based Maranatha Academy and Twin Ports Baptist School. The University of Wisconsin–Superior (UWS) is a public liberal arts college. Originally opened as a state Normal School (teacher's college), UWS became part of the University of Wisconsin System in 1971. Northwood Technical College (formerly WITC) offers skill development and technical education, with an enrollment of over 2,200. Superior
1300-775: The Treasury crisis and convinced Congress to repeal the Sherman Silver Purchase Act , which he felt was mainly responsible for the economic crisis. As concern for the state of the economy deepened, people rushed to withdraw their money from banks, and caused bank runs . The credit crunch rippled through the economy. A financial panic in London combined with a drop in continental European trade caused foreign investors to sell American stocks to obtain American funds backed by gold. The economic policies of President Benjamin Harrison have been characterized as
1350-477: The United States, located in the city's Billings Park neighborhood. The current mayor of Superior is Jim Paine, who was first elected in 2017. Superior is served by the Superior School District , which has one high school, one middle school, and six elementary schools, with a total enrollment of over 5,000 students. Superior High School enrolls more than 1,500 students. Its mascot is Sparty
1400-555: The age of 18 and 7.8% of those 65 and older were living below the poverty line. In the city, the population was spread out, with 22.7% under the age of 18, 12.9% from 18 to 24, 27.9% from 25 to 44, 21.6% from 45 to 64, and 15.0% who were 65 years of age or older. The median age was 36 years. For every 100 females, there were 92.4 males. For every 100 females age 18 and over, there were 88.8 males. The transportation industry accounts for more than 1,000 jobs. The Twin Ports of Duluth–Superior,
1450-639: The buildings received names like the New Jersey Block and the Maryland Block. By 1892, population was 34,000. Then the Panic of 1893 hit, and development slowed again. Between 1890 and 1920, the city was heavily settled by migrants from the eastern United States as well as immigrants from over 15 countries, including England, Scotland, Ireland, Norway, Sweden, Finland, Belgium, Poland, Germany, Austria, Italy, Hungary, and Croatia. According to
1500-626: The city is provided by Indian Trails . A proposed Amtrak route running between Duluth and the Twin Cities has a planned stop in Superior and is the final stop before arriving in Duluth or the first stop after departing from Duluth. Previously, Superior was served by passenger rail until 1984 at the Superior Union Station . Superior is the episcopal see of the Roman Catholic Diocese of Superior , and
1550-619: The city lies at the junction of U.S. Route 2 and U.S. Route 53 immediately north of, and adjacent to, both the Village of Superior and the Town of Superior . Bordered by Saint Louis, Superior, and Allouez bays, the city is framed by two rivers: the Nemadji and the Saint Louis . Superior and the neighboring city across the bay, Duluth, Minnesota , form a single metropolitan area called
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1600-539: The city was 49.0% male and 51.0% female. As of the 2000 census , there were 27,368 people, 11,609 households, and 6,698 families residing in the city. The population density was 740.9 people per square mile (286.1/km ). There were 12,196 housing units at an average density of 330.2 per square mile (127.5/km ). The racial makeup of the city was 94.26% White , 0.68% Black or African American , 2.23% Native American , 0.84% Asian , 0.04% Pacific Islander , 0.26% from other races , and 1.69% from two or more races. 0.83% of
1650-540: The city was 87.7% White , 2.1% Native American , 1.8% Black or African American , 0.9% Asian , 0.1% Pacific Islander , 0.6% from other races , and 6.7% from two or more races. Ethnically, the population was 2.1% Hispanic or Latino of any race. As of the census of 2010, there were 27,244 people, 11,670 households, and 6,548 families residing in the city. The population density was 737.1/sq mi (284.6/km ). There were 12,328 housing units at an average density of 333.5/sq mi (128.8/km ). The racial makeup of
1700-428: The city was 91.5% White , 1.4% African American , 2.6% Native American , 1.2% Asian , 0.2% from other races , and 3.1% from two or more races. Hispanic or Latino people of any race were 1.4% of the population. There were 11,670 households, of which 28.3% had children under the age of 18 living with them, 37.2% were married couples living together, 13.5% had a female householder with no husband present, 5.4% had
1750-419: The destitute. Facing starvation, people chopped wood, broke rocks, and sewed by hand with needle and thread in exchange for food. In some cases, women resorted to prostitution to feed their families. To help the people of Detroit, Mayor Hazen S. Pingree launched his "Potato Patch Plan", which were community gardens for farming. President Grover Cleveland was blamed for the depression. Gold reserves stored in
1800-459: The economy and thereby end deflation , which was forcing them to repay loans with increasingly expensive dollars. Mining interests sought the right to turn silver directly into money without a central minting institution. The Sherman Silver Purchase Act of 1890, while falling short of the Free Silver movement's goals, required the U.S. government to buy millions of ounces of silver above what
1850-555: The future, they hoarded specie and rejected paper notes. During the Gilded Age of the 1870s and 1880s, the United States had experienced economic growth and expansion, but much of this expansion depended on high international commodity prices. Exacerbating the problems with international investments, wheat prices crashed in 1893. In particular, the opening of numerous mines in the western United States led to an oversupply of silver, leading to significant debate as to how much of
1900-523: The labor movement. Established in 1891 as a result of the Populist movement, the People's Party reached its height in the 1892 presidential election , when its ticket, consisting of James B. Weaver and James G. Field , won 8.5% of the popular vote and carried five states (Colorado, Idaho, Kansas, Nevada, and North Dakota), and the 1894 House of Representatives elections when it won nine seats. Built on
1950-420: The largest in the Great Lakes , welcomes both domestic and foreign vessels. Bulk solids (such as grain) make up much of the tonnage handled by the port, and the silos of such port facilities are visible on the Superior waterfront. In 2004, the port's busiest year since 1979, more than 41.4 million metric tons were shipped out of the port. BNSF Railway has an operations hub in Superior. Cenovus Energy operates
2000-628: The loss of life savings kept in failed banks, meant that a once-secure middle-class could not meet their mortgage obligations. Many walked away from recently built homes as a result. As a result of the panic, stock prices declined. Five hundred banks closed, 15,000 businesses failed, and numerous farms ceased operation. The unemployment rate hit 25% in Pennsylvania, 35% in New York, and 43% in Michigan. Soup kitchens were opened to help feed
2050-512: The population were Hispanic or Latino of any race. 15.8% were of German , 13.6% Norwegian , 10.9% Swedish , 9.3% Irish , 7.2% Polish , 6.9% Finnish and 5.3% American ancestry. There were 11,609 households, out of which 27.9% had children under the age of 18 living with them, 41.3% were married couples living together, 12.3% had a female householder with no husband present, and 42.3% were non-families. 34.2% of all households were made up of individuals, and 13.9% had someone living alone who
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2100-487: The rate for a bushel of wheat by rail dropped from 14.70¢ in 1893 to 12.88¢. This rate continued to decrease, reaching a terminal rate in 1901 of 9.92¢ and never reached 12 cents between 1898 and 1910. Between 1893 and 1894, average shipping rates by lake or canal per wheat bushel decreased by almost 2 cents, from 6.33¢ to 4.44¢. Rates on the transatlantic crossing from New York City to Liverpool also decreased, from 2 and 3/8 pence to 1 and 15/16 pence, but this reflected
2150-584: The silver should be coined into money (see below). During the 1880s, American railroads experienced what might today be called a " bubble ": investors flocked to railroads, and they were greatly over-built. One of the first clear signs of trouble came on 20 February 1893, twelve days before the inauguration of U.S. President Grover Cleveland , with the appointment of receivers for the Philadelphia and Reading Railroad , which had greatly overextended itself. Upon taking office, Cleveland dealt directly with
2200-424: The total railroad mileage in the U.S. was 176,803.6 miles. In 1894 and 1895, railroads only expanded 4,196.4 miles, although 100,000 miles of rail was added from 1878 to 1896. In 1893, the year following the panic, one fourth of all rail mileage went into receivership. The U.S. Census placed this value at close to $ 1.8 billion (not adjusted for inflation), the largest amount recorded between 1876 and 1910. This
2250-407: Was 65 years of age or older. The average household size was 2.26 and the average family size was 2.91. The city's median household income was $ 31,921, and the median family income was $ 41,093. Males had a median income of $ 33,712 versus $ 22,073 for females. The per capita income for the city was $ 17,253. 13.4% of the population and 9.6% of families were below the poverty line . 16.0% of those under
2300-472: Was eagerness for a railroad from Lake Superior to the Pacific Coast, and investment flowed in, but then the Panic of 1857 hit, investment slowed, and the population of the new city collapsed from 2500 to 500. 25 years later the Northern Pacific Railway and other rail lines finally arrived, fulfilling the dream of a rail and water highway from coast to coast. In 1883 General John H. Hammond formed
2350-644: Was encouraged by the Argentine agent bank, Baring Brothers . However, the 1890 wheat crop failure and a failed coup in Buenos Aires ended further investments. In addition, speculations in South African and Australian properties also collapsed. Because European investors were concerned that these problems might spread, they started a run on gold in the U.S. Treasury . Specie was considered more valuable than paper money; when people were uncertain about
2400-527: Was erected in September 1853 on the banks of the Nemadji River , at the same time that ground was broken for construction of the locks and ship canal at Sault Ste. Marie , Michigan . This was intended to allow ships to bypass the rapids at that site. Superior was incorporated as a city on March 25, 1889. Around the same time Superior became the seat of newly formed Douglas County. Immediately there
2450-593: Was over $ 1 billion (also not adjusted for inflation) more than the next largest amount, in 1884. In 1894, the U.S. Army intervened during a strike in Chicago to prevent property damage. The Pullman Strike began at the Pullman Company in Chicago after Pullman refused to either lower rent in the company town or raise wages for its workers due to increased economic pressure from the Panic of 1893. Since
2500-457: Was required by the 1878 Bland–Allison Act (driving up the price of silver and pleasing silver miners). People attempted to redeem silver notes for gold. Ultimately, the statutory limit for the minimum amount of gold in federal reserves was reached and U.S. notes could no longer be redeemed for gold. Investments during the time of the panic were heavily financed through bond issues with high-interest payments. Rumors regarding financial distress at
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