120 Years Ago Today: BANKS GIVE UP GOLD - Pledge to Contribute $15 Million to the Treasury

Library of Congress ^ | 07-21-2016 | New York Tribune

[NRx]

A (mostly) daily posting for those interested in history and the day to day news, politics and culture of a bygone world. The full edition of the New York Tribune from Tuesday July 21, 1896 (digitized). Some other headlines from today's paper...

VENEZUELA MAKES RELY: An Elaborate Brief Filed with the Boundary Commission| THREATS OF LYNCHING: A Brooklyn Prisoner Kept in Police Station for Protection| LOUD THREATS OF BOLTING - WAR CLOUDS OVER ST. LOUIS: Populists Divided Over Bryan Into Hostile Camps

[NRx]

If you want on or off the ping list for the daily newspaper from 120 years go drop me a line.

[Snickering Hound]

https://en.wikipedia.org/wiki/Panic_of_1896

[NRx]

Thanks! ‘s ghatGreat background to the near daily stories about gold and silver along with the election news.

[PGR88]

I love it - the US Treasury has to ask private citizens and banks to sell them gold for their greenbacks. How quaint

Our elites decided that was too cumbersome, so simply created the Federal Reserve, and later on, confiscated all gold altogether.

[NRx]

WOW. Not sure WTH happened in the previous comment. First world of second sentence should be “That’s”

[NRx]

Indeed. The Federal Reserve was still seventeen years away. The great debate in 1896 was over Free Silver (bi-metalism) vs the Gold Standard (mono-metalism) for our money.

[PGR88]

During the Panic, the national unemployment rate increased from 13.7% in 1895 to 14.5% in 1896, which persisted until 1898.[8]

I am curious how they measured unemployment in 1896? Did they at all?

[SaveFerris]

It was 120 years ago today,
Sgt. Greenback bought the gold to stay,
Now it’s going in and out of style,
If you have cash, make a pile...

Perhaps with both hands we can make a stash.

[reed13k]

And from free silver thus was born the Wizard of Oz.....

[AceMineral]

Lots of booms and busts back then.

[i_robot73]

>Our elites decided that was too cumbersome, so simply created the Federal Reserve, and later on, confiscated all gold altogether.

I’d say MOSTLY spot on: they didn’t ‘create’ the Fed. Reserve; no banking cartel like that springs up overnight. Congress *illegally* handed over their authority to an enemy agent.

As if the economy is something that can be controlled, and wholly antithesis to our (supposed) Free Market economy.

Let alone the 16th in violation of the 4th, 5th and 13th out-rightly...

[SES1066]

This was also the time of the following from a 'progressive' Democrat;

William Jennings Bryan's "Cross of Gold" Speech July 9, 1896, at the Democratic National Convention, Chicago
Having behind us the producing masses of this nation and the world, supported by the commercial interests, the laboring interests, and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.

FYI, does this piece from the same speech sound familiar?
"The Democratic idea, however, has been that if you legislate to make the masses prosperous, their prosperity will find its way up through every class which rests upon them."

[StoneWall Brigade]

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