11.07.2015 Views

Politics and the Gilded Age

Politics and the Gilded Age

Politics and the Gilded Age

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Clevel<strong>and</strong> <strong>and</strong> Depression• 1894 – Clevel<strong>and</strong> had Treasury sell bondsworth $100 million• Exchange of paper money for gold continueddepleting <strong>the</strong> treasury• Clevel<strong>and</strong> finally went to <strong>the</strong> banker JPMorgan– Morgan (with investors) agreed to loan <strong>the</strong>government $65 million in gold, for $7 millioncommission– This move shored up US finances <strong>and</strong> stopped <strong>the</strong>outflow of gold from <strong>the</strong> Treasury

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