Changes

The Sherman Silver Purchase Act of 1890 required the government to buy 4,500,000 ounces of silver each month, and to pay for it with the issue of new paper money. Conservatives denounced this as a wasteful subsidy to the silver miners and mine owners, and that it endangered the gold standard because there was not gold in the treasury to redeem all of the new government notes. Using all his powers of persuasion and patronage, Cleveland called a special session of Congress and forced the repeal of the law in October, 1893.<ref>In the middle of the crisis he had secret emergency surgery to remove a cancerous growth in his mouth.</ref>  Nevertheless, the treasury continued to lose gold.  

The Sherman Silver Purchase Act of 1890 required the government to buy 4,500,000 ounces of silver each month, and to pay for it with the issue of new paper money. Conservatives denounced this as a wasteful subsidy to the silver miners and mine owners, and that it endangered the gold standard because there was not gold in the treasury to redeem all of the new government notes. Using all his powers of persuasion and patronage, Cleveland called a special session of Congress and forced the repeal of the law in October, 1893.<ref>In the middle of the crisis he had secret emergency surgery to remove a cancerous growth in his mouth.</ref>  Nevertheless, the treasury continued to lose gold.  

The depression continued to worsened, reaching a nadir in mid-1894. Prices, trade and profits continued to fall, and unemployment reached 20%. Some 156 railroads with 30,000 miles of track went bankrupt along with 800 banks and many small businesses.<ref>Samuel Rezneck, "Unemployment, Unrest and Relief in the United States during the Depression of 1893-1897," ''Journal of Political Economy'' 61 (1953): 324-45 [http://www.jstor.org/stable/1826883  in JSTOR]; Charles Hoffmann, "The Depression of the Nineties," ''Journal of Economic History'' 16 (1956): 137-64 [http://www.jstor.org/stable/2114113  in JSTOR]</ref>  

The depression continued to worsen, reaching a nadir in mid-1894. Prices, trade and profits continued to fall, and unemployment reached 20%. Some 156 railroads with 30,000 miles of track went bankrupt along with 800 banks and many small businesses.<ref>Samuel Rezneck, "Unemployment, Unrest and Relief in the United States during the Depression of 1893-1897," ''Journal of Political Economy'' 61 (1953): 324-45 [http://www.jstor.org/stable/1826883  in JSTOR]; Charles Hoffmann, "The Depression of the Nineties," ''Journal of Economic History'' 16 (1956): 137-64 [http://www.jstor.org/stable/2114113  in JSTOR]</ref>  

In 1895 the treasury's gold dupply had almost run out and Cleveland had to borrow gold from [[J. P. Morgan]] and the New York banks, an emergency move that embarrassed his administration and strengthened the silverites.<ref>Ron Chernow, ''The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance'' (2001)  [https://books.google.com/books?id=N6rbt4X-VlEC&pg=PA73&lpg=PA73&dq=cleveland+morgan+gold&source=web&ots=xdNS7L16bs&sig=jzVfIcyuJZqFqrQDEp3peg2nDhk&hl=en&sa=X&oi=book_result&resnum=7&ct=result online p. 73-74]</ref>

In 1895 the treasury's gold dupply had almost run out and Cleveland had to borrow gold from [[J. P. Morgan]] and the New York banks, an emergency move that embarrassed his administration and strengthened the silverites.<ref>Ron Chernow, ''The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance'' (2001)  [https://books.google.com/books?id=N6rbt4X-VlEC&pg=PA73&lpg=PA73&dq=cleveland+morgan+gold&source=web&ots=xdNS7L16bs&sig=jzVfIcyuJZqFqrQDEp3peg2nDhk&hl=en&sa=X&oi=book_result&resnum=7&ct=result online p. 73-74]</ref>

===1896===

===1896===

Radical agrarians rejected Cleveland and the [[Gold Democrats]], taking over the Democratic party in 1896 and nominating firebrand [[William Jennings Bryan]] of Nebraska. Bryan vehemently denounced industrialists and bankers in his famous “Cross of Gold Speech.”  Bryan called for inflation by putting more money in circulation; his plan was to legislate cheap silver into legal currency at the ratio of 16 oz of silver to one oz of gold, hence the silverite slogan “16 to 1.” . Many of Cleveland's closest associates bolted the Democratic party and formed the "Gold Democrats"; many Cleveland supporters voted for republican candidate [[William McKinley]]. Cleveland himself remained silent.  

Radical agrarians rejected Cleveland and the [[Gold Democrats]], taking over the Democratic party in 1896 and nominating firebrand [[William Jennings Bryan]] of Nebraska. Bryan vehemently denounced industrialists and bankers in his famous “Cross of Gold Speech.”  Bryan called for inflation by putting more money in circulation; his plan was to legislate cheap silver into legal currency at the ratio of 16 oz of silver to one oz of gold, hence the silverite slogan “16 to 1.” . Many of Cleveland's closest associates bolted the Democratic party and formed the "Gold Democrats"; many Cleveland supporters voted for republican candidate [[William McKinley]]. Cleveland himself remained silent.

==Evaluation==

==Evaluation==