What was one of the impacts of the Panic of 1893 on American society?

The Panic of 1893 had significant and far-reaching effects on American society, and the rise in unemployment and bank closures was one of the most notable impacts. This economic crisis, triggered by a combination of over-speculation in the railroad industry and a decline in European investments, led to a severe economic downturn. During this time, numerous businesses failed, banks closed their doors, and unemployment soared as a result.

Workers faced layoffs and an increasingly competitive job market, leading to widespread hardship for families and communities. The economic instability caused significant social unrest, contributing to labor strikes and movements advocating for workers' rights as individuals struggled to adapt to the financial turmoil. The crisis led to changes in public attitudes towards the economy and the role of the government, sowing the seeds for future reform movements. Thus, the rise in unemployment and bank closures serves to illustrate the profound social and economic challenges faced by Americans during this period.