1 ene 1890 año - Depression Politics: Gold Reserve and Tariff

Descripción:

There was a major decline in silver prices which led many people to exchange their silver dollars for gold dollars and then ended up dropping the gold Reserve level to a dangerously low level. President Cleveland thought that the only thing he could do was to repeal the Sherman Silver Purchase Act of 1890 but this didn't end up stopping the gold drain. He then turned to JPMorgan to borrow 65 million dollars in gold in order to support the dollar as well as the gold standard. This led many other Americans to believe that the government was only a tool for the rich and wealthy. but however the Democrats ended up acting one measure that was sort of popular amongst the US people which was the Wilson Gorman tariff in 1894 which ended up providing a moderate reduction in tariff rates as well as a 2% income tax for more than 2000 dollars earned.

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