“The whole human race seemed to be in collapse: revolution and financial bankruptcy…a financial and commercial crisis…a building crisis…. With such a compound mixture of financial losses and dangers, it is not surprising that the minds of…investors became utterly depressed; that, notwithstanding the continued existence of peace, money was more and more expended on the first-rate stocks; that the spirit of enterprise was extinguished; that banks and bourses were overflowing with money; that bullion and coin in the Bank of England and in the German [central bank] surpassed for months the circulation of notes; and that the rate of discount for three months’ bills sank below one percent per annum, a rate which for so long a space of time had never been known before.”
Max Wirth, “The Crisis of 1890,” Journal of Political Economy, vol. 1, no. 2 (March, 1893), p. 234.