19. Here
Lies Prosperity
Source:
Sound Money (Massillon, OH), August 22, 1895
Each
of the acts mentioned in this cartoon was believed to contribute to the deflation of the late nineteenth
century.
Creation
of the National Banking System (which the Federal Reserve System replaced in
1913) essentially placed banking and currency policy in the hands of bankers
(especially northeastern and New York bankers).
The "Crime of '73 is explained in the notes to the previous cartoon.
In 1893, Congress repealed the Sherman Silver Purchase Act of 1890 at the
bidding of President Cleveland. Northeastern financial interests had
convinced him that the Act had caused an outflow of gold in foreign exchange
payments, which hurt investor confidence.
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