feb 5, 1895 - Cleveland-Morgan deal (Feb 1895)

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Cleveland turned to J.P. Morgan, head of Wall Street Syndicate & “the banker’s banker”; After tense negotiations @ white house, bankers agreed to lend gov’t $65 mill in gold; Bankers charged $7 mill commission, agreed to obtain ½ of gold abroad & take steps to dam it up in Treasury; Loan helped restore confidence in nation’s finances

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