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  In 1893, Congress repealed the Sherman Silver Purchase Act of 1890 at the bidding of President Cleveland.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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