During the Panic of 1893, JP Morgan Used $60 Million in Bonds to Bail Out the United States Government | WHAT REALLY HAPPENED

During the Panic of 1893, JP Morgan Used $60 Million in Bonds to Bail Out the United States Government

In the early months of 1895, things were getting desperate for US President Grover Cleveland. The country's economy was collapsing because of falling prices and rising unemployment that began with the Panic of 1893. Eighteen months later, millions were unemployed and the treasury’s reserves were dropping too. Normally, the Treasury held gold reserves above the statutory floor of $100 million. But by January 24, 1895, the Treasury has only $68 million. Scarcely a week later it was down $45 million.

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