<P> One of the first clear signs of trouble came on February 20 , 1893 , thirteen days before the inauguration of U.S. president Grover Cleveland , with the appointment of receivers for the Philadelphia and Reading Railroad , which had greatly overextended itself . Upon taking office , Cleveland dealt directly with the Treasury crisis , and successfully convinced Congress to repeal the Sherman Silver Purchase Act , legislation Cleveland felt was mainly responsible for the economic crisis . </P>
the cleveland administration responded to the panic of 1893 by
repeal the Sherman Silver Purchase Act