The Panic of 1896 was an acute economic depression in the United States that was less serious than other panics of the era, precipitated by a drop in silver reserves, and market concerns on the effects it would have on the gold standard. Deflation of commodities' prices drove the stock market to new lows in a trend that began to reverse only after the 1896 Klondike Gold Rush. During the panic, call money would reach 125 percent, the highest level since the Civil War. December 1895 – June 1897 · 1 year 6 months Business activity: −25.2% The period of 1893–1897 is seen as a generally depressed cycle that had a short spurt of growth in the middle, following the Panic of 1893. Production shrank and deflation reigned. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link Wiki link