1893 4d

[Alayna Rother]

Thisis an exciting and busy time for you, but also one of questioning what the future holds and how you can successfully transition from your role of undergraduate student to graduate student and/or professional in your chosen field.

The 1893 Scholarship Program is designed to answer these questions and many more. Staying focused and resilient is key to successful final semesters and we want to help you spend that time gaining the skills and experiences that will allow you to cross the graduation finish line feeling strong and confident.

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On September 16, 1893, the largest land run in history begins with more than 100,000 people pouring into the Cherokee Strip of Oklahoma to claim valuable land that had once belonged to Native Americans. With a single shot from a pistol the mad dash began, and land-hungry pioneers on horseback and in carriages raced forward to stake their claims to the best acres.

The Gilded Age in U.S. history spans from roughly the end of the Civil War through the very early 1900s. Mark Twain and Charles Dudley Warner popularized the term, using it as the title of their novel The Gilded Age: A Tale of Today, which satirized an era when economic progress masked social problems and when the siren of financial speculation lured sensible people into financial foolishness. In financial history, the term refers to the era between the passage of the National Banking Acts in 1863-64 and the formation of the Federal Reserve in 1913. In this period, the U.S. monetary and banking system expanded swiftly and seemed set on solid foundations but was repeatedly beset by banking crises.

At the time, like today, New York City was the center of the financial system. Between 1863 and 1913, eight banking panics occurred in the money center of Manhattan. The panics in 1884, 1890, 1899, 1901, and 1908 were confined to New York and nearby cities and states. The panics in 1873, 1893, and 1907 spread throughout the nation. Regional panics also struck the midwestern states of Illinois, Minnesota, and Wisconsin in 1896; the mid-Atlantic states of Pennsylvania and Maryland in 1903; and Chicago in 1905. This essay details the crises in 1873, 1884, 1890, and 1893; this set includes all of the crises that disrupted or threatened to disrupt the national banking and payments system. A companion essay discusses the Panic of 1907, the shock that finally spurred financial and political leaders to consider reforming the monetary system and eventually establish the Federal Reserve.

The Panic of 1873 arose from investments in railroads. Railroads had expanded rapidly in the nineteenth century, and investors in many early projects had earned high returns. As the Gilded Age progressed, investment in railroads continued, but new projects outpaced demand for new capacity, and returns on railroad investments declined. In May and September 1873, stock market crashes in Vienna, Austria, prompted European investors to divest their holdings of American securities, particularly railroad bonds. Their divestment depressed the market, lowered prices on stocks and bonds, and impeded financing for railroad firms. Without cash to finance operations and refinance debts that came due, many railroad firms failed. Others defaulted on payments due to banks. This turmoil forced Jay Cooke and Co., a notable merchant bank, into bankruptcy on September 18. The bank was heavily invested in railroads, particularly Northern Pacific Railway.

In June, bank runs swept through midwestern and western cities such as Chicago and Los Angeles. More than one-hundred banks suspended operations. From mid-July to mid-August, the panic intensified, with 340 banks suspending operations. As these banks came under pressure, they withdrew funds that they kept on deposit in banks in New York City. Those banks soon felt strained. To satisfy withdrawal requests, money center banks began selling assets. During the fire sale, asset prices plummeted, which threatened the solvency of the entire banking system. In early August, New York banks sought to save themselves by slowing the outflow of currency to the rest of the country. The result was that in the interior local banks were unable to meet currency demand, and many failed. Commerce and industry contracted. In many places, individuals, firms, and financial institutions began to use temporary expediencies, such as scrip or clearing-house certificates, to make payments when the banking system failed to function effectively.

In the fall, the banking panic ended. Gold inflows from Europe lowered interest rates. Banks resumed operations. Cash and credit resumed lubricating the wheels of commerce and industry. Nevertheless, the economy remained in recession until the following summer. According to estimates by Andrew Jalil and Charles Hoffman, industrial production fell by 15.3 percent between 1892 and 1894, and unemployment rose to between 17 and 19 percent.1 After a brief pause, the economy slumped into recession again in late 1895 and did not fully recover until mid-1897.

Another common result of these panics was soul searching about ways to reform the financial system. Rumination regarding reform was particularly prolific during the last two decades of the Gilded Age, which coincided with the Progressive Era of American politics. Following the Panic of 1893, for example, the American Bankers Association, secretary of Treasury, and comptroller of currency all proposed reform legislation. Congress held hearings on these proposals but took no action. Over the next fourteen years, politicians, bureaucrats, bankers, and businessmen repeatedly proposed additional reforms (see Wicker, 2005, for a summary), but prior to the Panic of 1907, no substantial reforms occurred.

Drawing of the panic by Charles Broughton in: Frank Leslie's Illustrated Newspaper, May 18, 1893, p. 322 from the Library of Congress Prints and Photographs Division, reproduction number LC-DIG-ds-04499

In the United States, the power to exclude or to expel aliens isvested in the political departments of the National Government, andis to be regulated by treaty or by act of Congress, and to beexecuted by the executive authority according to the regulations soestablished, except so far as the Judicial Department is authorizedby treaty or by statute, or is required by the Constitution, tointervene.

The power of Congress to expel, like the power to exclude,aliens, or any specified class of aliens, from the country, may beexercised entirely through executive officers; or Congress may callin the aid of the Judiciary to ascertain any contested facts onwhich an alien's right to remain in the country has been made byCongress to depend.

The provisions of an act of Congress, passed in the exercise ofits constitutional authority, must, if clear and explicit, beupheld by the courts, even in contravention of stipulations in anearlier treaty.

within the United States at the time of its passage, "and whoare entitled to remain in the United States," to apply within ayear to a collector of internal revenue for a certificate ofresidence, and providing that anyone who does not do so, or isafterwards found in the United States without such a certificate,"shall be deemed and adjudged to be unlawfully in the UnitedStates," and may be arrested by any officer of the customs, orcollector of internal revenue, or marshal, or deputy of either, andtaken before a United States judge, who shall order him to bedeported from the United States to his own country unless he shallclearly establish to the satisfaction of the judge that, by reasonof accident, sickness, or other unavoidable cause, he was unable toprocure his certificate, and "by at least one credible whitewitness" that he was a resident of the United States at the time ofthe passage of the act, is constitutional and valid.

These were three writs of habeas corpus, granted by the CircuitCourt of the United States for the Southern District of New York,upon petitions of Chinese laborers arrested and held by the marshalof the district for not having certificates of residence, undersection 6 of the act of May 5, 1892, c. 60, which is copied in themargin.1

The first petition alleged that the petitioner was a person ofthe Chinese race, born in China, and not a naturalized citizen ofthe United States; that, in or before 1879, he came to the UnitedStates, with the intention of remaining and taking up his residencetherein, and with no definite intention of returning to China, andhad ever since been a permanent resident of the United States, andfor more than a year last past had resided in the City, County, andState of New York, and within the second district for thecollection of internal revenue in that State; that he had not,since the passage of the act of 1892, applied to the collector ofinternal revenue of that district for a certificate of residence,as required by section 6, and was, and always had been, withoutsuch certificate of residence; and that he was arrested by themarshal, claiming authority to do so under that section, withoutany writ or warrant. The return of the marshal stated that thepetitioner was found by him within the jurisdiction of the UnitedStates and in the Southern District of New York, without thecertificate of residence required by that section; that he had,therefore, arrested him, with the purpose and intention of takinghim before a United States judge within that district; and that thepetitioner admitted to the marshal, in reply to questions putthrough an interpreter, that he was a Chinese laborer, and waswithout the required certificate of residence.

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