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Congress in Crisis: Changes in Personnel and the Legislative Agenda in the U.S. Congress in the 1890s
Published online by Cambridge University Press: 04 January 2016
Extract
The last decade of the nineteenth century was a time of great national crisis, surpassed in severity only by the depression of the 1930s. Unemployment in manufacturing and transportation rose to nearly 17% in 1894. More banks failed in the 1890s than in any other economic crisis in American history except the one that began in 1929, and over 159 railroads, capitalized at more than $2.5 billion, were forced into receivership. Farm prices plunged, and farm spokesmen bitterly complained about the disastrous effects of the long-term deflation of currency, discrimination by railroad monopolies, and high interest rates (Douglas 1930: 440; Fels 1959: 159–219; Hoffman 1956; Steeples 1965).
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