the cleveland administration responded to the panic of 1893 by
Panic of 1893 One of the first clear signs of trouble came on February 20, 1893,[4] thirteen 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.[5] Upon taking office, Cleveland dealt directly with the Treasury crisis,[6] and successfully convinced Congress to repeal the Sherman Silver Purchase Act, legislation Cleveland felt was mainly responsible for the economic crisis.[7]
Great Depression in the United States The Depression caused major political changes in America. Three years into the depression, President Herbert Hoover, widely blamed for not doing enough to combat the crisis, lost the election of 1932 to Franklin Delano Roosevelt in a landslide. Roosevelt's economic recovery plan, the New Deal, instituted unprecedented programs for relief, recovery and reform, and brought about a major realignment of American politics.