American Studies Commons^™

Guggenheim For Governor Antisemitism, Race, And The Politics Of Gilded Age Colorado, Michael Lee

Great Plains Quarterly

In the summer of 1893 financial panic struck Colorado. The price of silver, in a protracted downward spiral since the conclusion of the Civil War, finally crashed. The British government announced that its Indian mints were ceasing the coinage of silver rupees. The news of that decision caused a torrent of selling on the international market. In a matter of hours, the price of silver plummeted from eighty cents to sixty-four cents an ounce. The collapse in value of Colorado's most important commodity precipitated runs on local banks. Twelve banks alone collapsed in Denver during the month of July. By …