USA HISTORY

Detailed explanation-1: -Morgan (with a profit clearly in mind) offered to form a syndicate (headed by himself) which would buy bonds from the United States in exchange for 62 million dollars worth of European gold.

Detailed explanation-2: -John Pierpont Morgan did. When President Grover Cleveland needed gold to back the currency, Morgan, and other bankers under his leadership, gave the government gold in exchange for United States government bonds. Later, he and the other bankers sold the bonds for big profits.

Detailed explanation-3: -In addition to consolidating and controlling several railroads and industries, J.P. Morgan led in resupplying the U.S. Treasury’s gold reserve during the depression that followed the panic of 1893 and organized the financial community in averting a financial collapse after the market panic of 1907.

Detailed explanation-4: -Morgan donated millions to charities and public institutions. He gave art collections to the Metropolitan Museum of Art, American Museum of Natural History, American Academy in Rome, Wadsworth Atheneum, and Yale University.

Detailed explanation-5: -During Morgan’s era, the United States had no central bank so he used his influence to help save the nation from disaster during several economic crises. In 1895, Morgan assisted in rescuing America’s gold standard when he headed a banking syndicate that loaned the federal government more than $60 million.