The Impact Of The Silver Crash Of 1893

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Recommended: Chapter 17 - the panic of 1893

Workers grew concerned about their situation as the century progressed, after the Silver Crash of 1893. The Sherman Act of 1890 (SHRM, 2014) obliged the Treasury to buy silver every month at market value. The government had bought almost all the silver from the mines. This also caused the depletion of gold. People presented their issued notes to the government and received gold instead of silver. Workers organized and tried to improve their lot in life. Management and government opposed their efforts. J.P. Morgan had an upper hand here. Morgan purchased the debt of the Treasury for 3.5 million ounces of gold in exchange for $65 million worth of 30-year gold bonds. During this time of panic, J.P. Morgan acted as the Nation’s bank. The unpredicted Silver Crash of June 26, 1893, compelled almost all the mines, mills, and smelters in the State to shut down. There was panic. Real estate fell, banks collapsed, and people lost their jobs. It was hard on everyone. The Panic of 1893 made things bad for the whole country. Some people thought that Colorado experienced harder times in the Silv...

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