Book contents
- Before the Fed
- Studies in Macroeconomic History
- Before the Fed
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Preface
- 1 Introduction
- 2 Morgan and Bank Reserves
- 3 Morgan’s Routine Business Syndicates
- 4 Early Panics
- 5 Panics in the Early National Banking Era
- 6 Silverite Threats in 1894
- 7 The 1895 and 1896 Transactions to Replenish the US Treasury
- 8 Lesser Crises
- 9 Panic of 1907
- 10 Panic of 1907
- 11 1908
- 12 Summary, Legacy, and Relevance
- Technical Appendix 1.1. Supply and Demand for Short-Term Liquidity
- Technical Appendix 2.1. Bank Pooling Methods
- Technical Appendix 2.2. Loan Certificates: A Balance Sheet Analysis
- Technical Appendix 3.1. Morgan’s Routine Business Syndicates
- Technical Appendix 6.1. The International Gold Standard
- Technical Appendix 8.1. Morgan’s Routine Syndicates after 1895
- Technical Appendix 12.1. Aldrich-Vreeland Act Analysis
- References
- Index
7 - The 1895 and 1896 Transactions to Replenish the US Treasury
Published online by Cambridge University Press: 16 October 2025
Book contents
- Before the Fed
- Studies in Macroeconomic History
- Before the Fed
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Preface
- 1 Introduction
- 2 Morgan and Bank Reserves
- 3 Morgan’s Routine Business Syndicates
- 4 Early Panics
- 5 Panics in the Early National Banking Era
- 6 Silverite Threats in 1894
- 7 The 1895 and 1896 Transactions to Replenish the US Treasury
- 8 Lesser Crises
- 9 Panic of 1907
- 10 Panic of 1907
- 11 1908
- 12 Summary, Legacy, and Relevance
- Technical Appendix 1.1. Supply and Demand for Short-Term Liquidity
- Technical Appendix 2.1. Bank Pooling Methods
- Technical Appendix 2.2. Loan Certificates: A Balance Sheet Analysis
- Technical Appendix 3.1. Morgan’s Routine Business Syndicates
- Technical Appendix 6.1. The International Gold Standard
- Technical Appendix 8.1. Morgan’s Routine Syndicates after 1895
- Technical Appendix 12.1. Aldrich-Vreeland Act Analysis
- References
- Index
Summary
With Congress unwilling to authorize another public loan, the proceeds of which would be intended to buy much needed gold for the Treasury, Cleveland and Carlisle cast about for other ways to secure financing. Morgan would eventually create three additional transactions to stave off populist attempts to pursue a full-fledged bimetallic currency regime: one would be accepted, one would be rejected, and one would be executed without government request, approval, or oversight.
Information
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- Chapter
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- Before the FedJ.P. Morgan, America's Lender of Last Resort, pp. 101 - 121Publisher: Cambridge University PressPrint publication year: 2025
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