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AP US History vocabulary list: Difference between revisions
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→Economic crises
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| | |Panic of 1893 | ||
| | |1893-1897 | ||
| | |Econoic depression that was sparked by the failure of an Argentine bank, Baring Brothers, which collapsed over crops price collapse, | ||
* which led to a run on American gold reserves by European investors who were facing losses there and in South Africa and Australia | |||
* a railroad company collepse just before Grover Cleveland's 2nd inauguration led him to ask Congress to repeal the Sherman Silver Purchase Act, which had forced the Government to purchase Silver in order to prop up its value, which was depleting the Government's gold reserves | |||
* bank and railroad failures followed, with subsequent securities (stocks) and commodities price drops | |||
* in 1895 the Government issued "Treasury bonds" which were purchased, by arrangement, by banks, especially the Morgan Bank of New York, but which helped stabilize Government gold reserves and general economic confidence | |||
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