The Panic of 1893 was a serious economic depression in the United States that began in 1893 and ended in 1897. It affected every sector of the economy, produced political upheaval that led to the realigning election of 1896 and the presidency of William McKinley. One of the causes for the Panic of 1893 can be traced back to Argentina. Investment was encouraged by Baring Brothers. However, the 1890 wheat crop failure and a coup in Buenos Aires ended further investments. In addition, speculations collapsed in South African and Australian properties; because European investors were concerned that these problems might spread, they started a run on gold in the U. S. Treasury. Specie was considered more valuable than paper money. During the Gilded Age of the 1870s and 1880s, the United States had experienced economic growth and expansion, but much of this expansion depended on high international commodity prices. To exacerbate the problems with international investments, wheat prices crashed in 1893. One of the first clear signs of trouble came on February 20, 1893, twelve days before the inauguration of U.
S. President Grover Cleveland, with the appointment of receivers for the Philadelphia and Reading Railroad, which had overextended itself. Upon taking office, Cleveland dealt directly with the Treasury crisis and convinced Congress to repeal the Sherman Silver Purchase Act, which he felt was responsible for the economic crisis; as concern for the state of the economy deepened, people rushed to withdraw their money from banks, caused bank runs. The credit crunch rippled through the economy. A financial panic in London combined with a drop in continental European trade caused foreign investors to sell American stocks to obtain American funds backed by gold; the People's Party known as the'Populists', was an agrarian-populist political party in the United States. From 1892 to 1896, it played a major role as a left-wing force in American politics, it drew support from angry farmers in the South. It was critical of capitalism banks and railroads, allied itself with the labor movement. Established in 1891 as a result of the Populist movement, the People's Party reached its zenith in the 1892 presidential election, when its ticket, composed of James B. Weaver and James G. Field, won 8.5% of the popular vote and carried five states, the 1894 House of Representatives elections, when it won nine seats.
Built on a coalition of poor, white cotton farmers in the South and hard-pressed wheat farmers in the Plains States, the Populists represented a radical crusading form of agrarianism and hostility to elites, banks and gold. The Free Silver movement arose from a synergy of mining interests. Farmers sought to invigorate the economy and thereby end deflation, forcing them to repay loans with valuable dollars. Mining interests sought the right to turn silver directly into money without a central minting institution; the Sherman Silver Purchase Act of 1890, while falling short of the Free Silver movement's goals, required the U. S. government to buy millions of ounces of silver above what was required by the 1878 Bland–Allison Act. People attempted to redeem silver notes for gold; the statutory limit for the minimum amount of gold in federal reserves was reached and U. S. notes could no longer be redeemed for gold. Investments during the time of the panic were financed through bond issues with high interest payments.
Rumors regarding the National Cordage Company's financial distress caused its lenders to call in their loans and the company went into bankruptcy receivership as a result. The company, a rope manufacturer, had tried to corner the market for imported hemp; as demand for silver and silver notes fell, the price and value of silver dropped. Holders worried about a loss of face value of bonds, many became worthless. A series of bank failures followed, the Northern Pacific Railway, the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad failed; this was followed by the bankruptcy of many other companies. According to high estimates, about 17%–19% of the workforce was unemployed at the panic's peak; the huge spike in unemployment, combined with the loss of life savings kept in failed banks, meant that a once-secure middle-class could not meet their mortgage obligations. Many walked away from built homes as a result; as a result of the panic, stock prices declined. Five hundred banks closed, 15,000 businesses failed, numerous farms ceased operation.
The unemployment rate hit 25% in Pennsylvania, 35% in New York, 43% in Michigan. Soup kitchens were opened to help feed the destitute. Facing starvation, people chopped wood, broke rocks, sewed by hand with needle and thread in exchange for food. In some cases, women resorted to prostitution to feed their families. To help the people of Detroit, Mayor Hazen S. Pingree launched his "Potato Patch Plan", which were community gardens for farming. President Grover Cleveland was blamed for the depression. Gold reserves stored in the U. S. Treasury fell to a dangerously low level; this forced President Cleveland to borrow $65 million in gold from Wall Street banker J. P. Morgan and the Rothschild banking family of England, his party suffered enormous losses in the 1894 elections being blamed for
Giant Panda Guerilla Dub Squad is an American reggae and jam band from Rochester, New York, founded in 2004 and known for their live performances and authentic roots reggae and dub sound. The band's first album Slow Down was released in 2006, soon after they recorded a live acoustic session at the Moboogie loft in Denver, their third studio album In These Times peaked at #5 on the Billboard Reggae Album chart. The band's next studio album Steady hit #1 on the Billboard Reggae Album chart on October 9, 2014, their subsequent album Make it Better was released on September 16, 2016 and debuted at the #1 spot on Billboard and iTunes reggae charts. 2004-2009Giant Panda Guerilla Dub Squad was formed in 2004 when childhood friends Chris O'Brian, James Searl, Matt O'Brian teamed up with local Rochester guitar player Dylan Savage and started playing shows in Ithaca, New York. Prior to 2004 the guys had been playing music together for several years in their home town of Rochester, New York. Giant Panda Guerilla Dub Squad based their name on the fictional "Giant Panda Gypsy Blues Band" from Another Roadside Attraction by Tom Robbins.
The band has been noted for their live shows, which are recorded by concert tapers and posted on Etree and the Internet Archive. The band's debut album Slow Down was released in 2006 and received regular airplay on Sirius and XM Radio; the album was recorded at Pyramid Sound Studios in Ithaca, New York, produced by the band and Alex Perialas. In 2008 the band played at Warren Hayne's Mountain Jam at Hunter Mountain Ski Resort on May 30. In 2009 the band released a live recordings album titled Live Up!!. The album features 11 tracks that were record during their 2009 national tours. 2010–PresentFounding member Matt O'Brian and keyboard player Rachel Orke left the band in 2010. The band released Live Up!! Volume II featuring 10 live recordings from the band's Southeast USA tour; the band played at the 2010 All Good Music Festival gaining further notoriety in the jam band circuit. In 2011 the band added guitarist Dan Keller from North Tonawanda, New York on lead guitar, rhythm guitar and harmony. On July 23, 2011 the band played the Gathering of The Vibes music festival in Bridgeport, Connecticut.
They returned to the All Good Music Festival for the 2nd consecutive year. The band released Country on January 31, 2012, on the California-based record label Controlled Substance Sound Labs. With this release, the quintet has charted new territory and put together a lyrically driven roots Americana-music album. On April 10, 2012, the band released a full electric album, In These Times on the Controlled Substance Sound Labs label; the psychedelic roots sound is more familiar to fans who were familiar with the band through concerts and live recordings. The band's music was featured on NPR's radio program All Things Considered on January 28, 2012. In 2013 the band recorded. Tony Gallicchio of Rochester, New York joined the band in place of departing keyboard player Aaron Lipp; the band continued to make waves in the jam band circuit with a performance at The Peach Music Festival on August 17, 2013 and they are slated to perform again at the 6th annual Peach Music Festival August 10–13, 2017. In 2015 the band released their second Americana album: Bright Days features nine original songs recorded at the Rear Window Studio in Brookline, Massachusetts.
In 2016 the band released a new album called Make It Better featuring 10 new tracks. The album was recorded in their hometown of Rochester, NY at Blackdog Studios owned by former band member Matt Goodwin; the band prepared some tracks at Scanhope Sound in Littleton, Colorado. This album was mixed by Danny Kalb who co-produced; the band has many different musical influences. Some of them include Phish, John Brown's Body, The Wailers, Bunny Wailer, Burning Spear, Lee'Scratch Perry', Bob Marley and The Grateful Dead. Giant Panda Guerilla Dub Squad has collaborated with many different artists on stage and in the studio, their album Bright Days includes "Humboldt County Gold" featuring G-Love on harmonic. On the 2014 release Steady the band collaborated with reggae legend Ranking Joe on the track "Take Your Place."Elliot Martin from John Brown's Body contributed vocals on the track "Really True" on the band's 2017 release Make It Better. Italian-American musicologist Dougie "Roast Beef" Ducker, best known as "the man who brought Reggae to Biloxi" has covered several of the band's songs live, dedicated a reggae-tinged cover of P.
O. D's "Alive" to his so-called "Panda bros". Slow Down Country In These Times Steady Bright Days Make It Better Live Up! Live Up!! Volume II List of jam bands List of reggae musicians Music of New York livepanda.com, the band's official website Giant Panda Guerilla Dub Squad at AllMusic Live Recordings from Internet Archive
Cameron's Line is an Ordovician suture fault in the northeast United States which formed as part of the continental collision known as the Taconic orogeny around 450 mya. Named after Eugene N. Cameron, who first described it in the 1950s, it ties together the North American continental craton, the prehistoric Taconic Island volcanic arc, the bottom of the ancient Iapetus Ocean. Cameron's Line winds southward out of New England into Western Connecticut, it has been identified in western Connecticut near Ridgefield before it heads into the Bronx, along the East River in Manhattan, through New York Bay, Staten Island and into New Jersey. The basement rocks of the Manhattan Formation located on the western side of Cameron's line are metamorphosed sedimentary rocks and can be thought of as the remnants of the edge of the North American continent from 1 billion years ago, they were formed in this location and have been tectonically stable over a large period of time. Through New England the rocks to the west of Cameron's line are the remnants of an enormous mountain range, sometimes called the'crystalline Appalachians,' which once stretched from Newfoundland to Mexico, the local remnants of which are exposed and create the Housatonic Highlands, the New Jersey Highlands and the Manhattan prong.
In general, to the east of the line has allochthonous rocks formed elsewhere, which have experienced great tectonic movement in a westward direction on top of the underlying bedrock. In other words, beginning around 450 million years ago an ocean similar to the Atlantic began to shrink and as it did the North American continent began to collide with island chains which accreted at the edge of the continent and formed the land of what we now call New England; the major exceptions to this directionality are the most southerly remnants of these ancient collisions, the Serpentinite outcrops that form Hoboken, New Jersey, Todt Hill, Staten Island, which lie to the west of Cameron's line because it makes a U-turn. Near New York City the term'line' becomes less applicable, as the multiple collisions - including a much collision with Africa that created the supercontinent Pangaea Alleghanian orogeny- have warped and folded the boundary into a complex three dimensional shape, broken during the rifting process that created the Atlantic Ocean and Newark Basin that split up the supercontinent.
The line creates a hook that travels through the Bronx, the western part of Manhattan and down into Staten Island immediately returns north through Hudson County, New Jersey and eastern Manhattan. The position of the line in New York City and in Manhattan is subject to much debate because of the complex folding patterns in that area. Due to the violent nature of the Taconic and subsequent Alleghenian Orogeny, the line has been folded and eroded several times; the material in the line is described as "highly laminated, complexly folded- and annealed zones of commingled mylonitic rocks"