On February 20, 1895 J.P. Morgan and Co. let a bond offering that help rescue the knighted states from severe two year economic depression. It’s surprise me too when I realized that one man was written up to bill out an entire government and not only not it any government it was America it was the US government who was supposed to be a powerhouse and have more money than one man. The crisis came from the post war railroad boom that triggered a series of being failures and in a run on gold, gold reserves were dwindled. J.P. Morgan promised to form in Nashville send a kid to buy gold and protect the treasury from for the withdrawals. JP Morgan was so respected around the world that he went overseas to foreign investors and gained billions of dollars in foreign capital. As the situation worse and Morgan told the president that he located in 1862 law passed in the Civil War that authorize the secretary of treasury to issue bonds to buy gold coins without having to get congressional approval. Not only was he very rich but he was very smart man who knew his way around laws. A while later J.P. Morgan and Coletta syndicate of bankers to sell US bonds to buy back old from foreign investors the firm offer the barns for sale at $112.25 and sold out the entire issue in New York within 22 minutes.
And the interesting thing about this is Grover Cleveland did not even want to meet with JP Morgan who is trying to help because JP Morgan had such a bad reputation. Then eventually they met and Morgan would wait silently for hours throwing a cigar between his fingers before Cleveland would see him and begin the negotiations. With Morgan fit up to leave the meeting I find brown powder ginger from a slap to the floor he had all morning been grinding the on the cigar in his hand into dust 12 days later the bond issue was offered and sold out in 22 minutes. After 4 1/2 hours Morgan successfully build out the entire US government.
https://www.jpmorgan.com/country/US/en/jpmorgan/about/history/month/feb
Nice Job Christian. I don't know if you remember but we talked in class about how even though JP Morgan came to our rescue it only made him more of a threat. Because now not only does he have a monopoly on all of the businesses he puts money into, one man can save America. That taste didn't taste to good in people mouth and fueled hatred towards him. Also fear of dictatorship and communism to pair with it. So ye. He was not liked by many people...
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