[1] The government-run Savings bank was able to weather the storm, but the Union was forced to close that day, never to reopen.
It also highlighted the weakness of its economy and the truck credit system on which it depended.
Savings accounts suddenly decreased in value and the country was in danger of defaulting in its public debt.
Unemployed workers held street demonstrations demanding food and jobs.
The Bank of Montreal accepted the government's account in early 1895, and the country adopted Canadian currency in January of that year.