Comment: J.P. Morgan bailed President

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J.P. Morgan bailed President

J.P. Morgan bailed President Cleveland out in 1895 because the U.S. Federal Treasury was almost out of gold (during the Panic of 1893). J.P. Morgan and the Rothschilds supplied the Federal Treasury with 3.5 million ounces of gold in exchange for a 30-year old bond being issued.

This saved the Treasury but hurt Cleveland. J.P. Morgan and the Wall Street bankers helped McKinley in 1896 and 1900.