I wanted to craft an argument regarding how the panics of the gilded age specifically in panic of 1893 showed that the banking system was flawed and panics were not a result of railroad speculation like Richard White states but it was a role in the panics of the gilded age. Mainly I wanted to show how the panic in 1893 showed the ripple effect that led to the failure of many regionalzed banks in the west. Wallstreet was not the center of these panics instead outside weaker and regionalized banks failed causing a nationwideloss of confidence in the US banking system. I wanted to show the spatial and regional discrimmination of the western banking system due to their inability to access capital and extend enough credit. Clearing houses like NYCH were ineffective in regulating anf creating preventive measures against western banks and wanted to show that through this panic and through the 1907 panic the federal reseverve was created due to the flaws of the national banking system.
My main argument is that the banking system during the gilded age before the creation of the federal reserve was the main cause for the ficnaical downturns mainly due to the dependency between western banks and New York banks causing the banking crisis to effect the stock market leading to crashes as well as bank runs
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