When in 1873 Mark Twain and Charles Dudley Warner entitled their co-authored novel The Gilded Age, they gave the late nineteenth century its popular name....
In St. Louis, a ring of distillers and federal officials were discovered to have colluded in tax evasion. Those indicted in the scandal included many of President Grant’s appointees.
The Pendleton Civil Service Reform Act was passed. In an attempt to curb corruption and patronage, the act introduced federal exams and merit requirements for the hiring of civil servants.
The stock market crashed, prompting the Panic of 1893 and leading to the bankrupting of the United States Treasury. The already weakened economy collapsed as people withdrew deposited funds and banks failed. Exports also declined and unemployment grew.