Forty Years of American Finance: A Short Financial History of the Government and People of the United States since the Civil War, 1865-1907

By Alexander Dana Noyes | Go to book overview

CHAPTER VIII
THE PANIC OF 1893

WE left the Treasury, in our last chapter, confronted for the first time in its history with a heavy drain on its gold reserve to redeem outstanding notes. During the nine months after the beginning of this movement, Secretary Foster was engaged in a continuous struggle to save the redemption fund. The strain relaxed temporarily in the autumn of 1892, when interior trade was again very large. Practically no gold was imported, but, on the other hand, exports ceased almost entirely. Moreover, upwards of $25,000,000 legal tenders were drawn from the New York banks to the West and South,1 and the Treasury obtained some gold from these institutions in exchange for notes delivered at interior points.2 But when the Eastward flow of currency began again, at the end of the harvest season, gold exports were resumed and with them the presentation of legal tenders for redemp-

____________________
1
New York weekly bank statements, July 30 and November 19, 1892.
2
Treas Rep., 1892, p. 13; N. Y. Financial Chronicle, July 9 and July 23, 1892.

-182-

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