WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
GILDED AGE POLITICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Buying more silver and putting it into the market.
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Convincing Congress to repeal the Sherman Silver Purchase Act and switch back to only minting gold.
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Abolishing the spoils system.
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Refusing to honor their debt with England.
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Detailed explanation-1: -President Grover Cleveland then oversaw the repeal of the act to prevent the further depletion of the government’s gold reserves. In 1890, the price of silver dipped to $1.16 per ounce. By the end of the year, it had fallen to $0.69. By December 1894, the price had dropped to $0.60.
Detailed explanation-2: -The Panic of 1893 was a national economic crisis set off by the collapse of two of the country’s largest employers, the Philadelphia and Reading Railroad and the National Cordage Company. Following of the failure of these two companies, a panic erupted on the stock market.
Detailed explanation-3: -After the panic of 1893 broke, President Cleveland called a special session of Congress and secured (1893) the repeal of the act.
Detailed explanation-4: -The repeal of the Silver Act failed to stem the drain on American gold reserves. At this point, President Cleveland agreed to sell gold bonds at a discount to Wall Street bankers like J.P. Morgan, in return for their cooperation in stemming the withdrawal of gold from the Treasury.