Moolah in Post War America (Continued)

Main

"Crime of '73"

1873

Many people believed that big bankers and the government were directly responsible for the demonetization of silver

Sherman Silver Purchase Act

1890
  • Required government to purchase but not coin silver and pay for it in gold

How did the post-civil war economy work?

1890

1/3 of capital assets (wealth in bank) must be held in reserve notes of IOUs (Buy-in)

Stability promoted (customers of the National Bank feel safe as investors)

Homestead Strike

07/06/1892

Pullman Strike

1893 - 1894

Panic of 1893

03/1893 - 1897

Collapse of the stock market > Wave of bank failures > Severe depression

Coxey's Army

1894

March to present Jacob Coxey's demands to government

William H. Harvery's "Coin's Financial School" Published

1894

Highlighted the Currency Question and supported "free silver" as a means of rejuvenating the economy

Election of 1896

1896
  • Republicans did not support free silver; this hurts campaign
  • McKinley ultimately wins

Prosperity fully returns after Panic of 1893

1901