Jp Morgan Bailed Out The Us Government In 1895

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[b] Treasury gold[/b]
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In 1895, at the depths of the [url="http://en.wikipedia.org/wiki/Panic_of_1893"]Panic of 1893[/url], the Federal Treasury was nearly out of gold. President [url="http://en.wikipedia.org/wiki/Grover_Cleveland"]Grover Cleveland[/url] accepted Morgan's offer to join with the [url="http://en.wikipedia.org/wiki/Rothschilds"]Rothschilds[/url] and supply the U.S. Treasury with 3.5 million ounces of gold[sup][url="http://en.wikipedia.org/wiki/J._P._Morgan#cite_note-6"][7][/url][/sup] to restore the treasury surplus in exchange for a 30-year bond issue. The episode saved the Treasury[sup][url="http://en.wikipedia.org/wiki/J._P._Morgan#cite_note-test-7"][8][/url][/sup] but hurt Cleveland with the agrarian wing of the[url="http://en.wikipedia.org/wiki/History_of_the_United_States_Democratic_Party"]Democratic Party[/url] and became an issue in the election of 1896, when banks came under a withering attack from [url="http://en.wikipedia.org/wiki/William_Jennings_Bryan"]William Jennings Bryan[/url]. Morgan and Wall Street bankers donated heavily to Republican [url="http://en.wikipedia.org/wiki/William_McKinley"]William McKinley[/url], who was elected in 1896 and reelected in 1900.[/size][/font][/color]
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[url="http://en.wikipedia.org/wiki/J._P._Morgan#Treasury_gold"]http://en.wikipedia.org/wiki/J._P._Morgan#Treasury_gold[/url][/size][/font][/color]