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Harper's Encyclopedia of United States History (ed. Benson Lossing) 1 1 Browse Search
Thomas Wentworth Higginson, Massachusetts in the Army and Navy during the war of 1861-1865, vol. 2 1 1 Browse Search
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Harper's Encyclopedia of United States History (ed. Benson Lossing), Finances, United States. (search)
free coinage of silver. As this important silver market was thus barred, the effect was to accelerate the fall in the price of that metal. At this date the value of the silver dollar was about 60 cents, and it fell below that point. The ratio of gold to silver, which in 1873 was 15+, was in 1886 20, and in 1893 25 1/2. The amount of gold in the country was greatly decreased during the same period. The gold reserve in the treasury, which had been above the $100,000,000 limit, fell in August, 1893, to $96,000,000; stood Sept. 30 at $93,000,000, and Jan. 13, 1894, had fallen to $74,000,000. Many business failures occurred during the summer. The iron trade was depressed, various cotton and woollen mills closed in New England and the Middle States, and stocks suffered. Within the first eight months of the year , 560 State and private banks and 155 national banks (mostly of small dimensions) failed. The great majority of these bank failures were in the region west of the Mississipp