The United States faced the greatest depression it had suffered to date in 1893. Called The Panic of 1893, it was characterized by the collapse of many railroad companies, a market flooding of silver and bank failures that led to the US Treasury to almost run out of gold.
By 1893, the railroad industry had over expanded, and a prominent railroad company, the Philadelphia and Reading railroad went bankrupt in February 1893. This was a troubling sign about the economy, and it caused people to rush to take their money out of banks, causing a credit crunch that further stifled the economy.
To make matters worse, the Sherman Silver Purchase Act of 1890 required the US Government to buy millions of ounces of silver per year. Farmers flooded the market with silver notes that they had gotten from the government. Then, people tried to redeem those silver notes for gold. The US Treasury has a minimum limit for how much gold it can have in reserves, and they reached it during this crisis, which meant that you couldn't exchange US notes for gold.
President Grover Cleveland convinced Congress to repeal the Sherman Silver Purchase Act, which many blamed for a large part of the crisis. He also convinced JP Morgan to join the Rothschilds to supply the US Treasury with 3.5 million ounces og Gold in exchange for 30-year bonds. This saved the Treasury, but ultimately cost Cleveland his job, as Morgan and Wall Street bankers donated heavily to his rival.