Following the Silver Panic, Aspen begins a long downward slide. A few mines reopen on a limited basis, many are leased. Overall silver production is less than half that of 1892. States Telephone and Telegraph builds a phone line over Independence Pass, connecting Aspen to the outside world for the first time. De-watering of the flooded Smuggler, Molly Gibson and Free Silver mines begins.
Potatoes become the cash crop in the valley.
Flu epidemic forces closure of most of the town. The Colorado Midland RR returns to Aspen only to dismantle the line. Aspen Smelting Company suspends operations. A six-passenger boat tow, powered by an old mine hoist and truck engine, is constructed at the base of Aspen Mountain. Many 10th Mt. veterans return after the war and help develop skiing at Aspen.