The surgical operations on President Cleveland in 1893 / by William W. Keen.

  • Keen, William W. (William Williams), 1837-1932.
Date:
[1917], ©1917
Catalogue details

Licence: Public Domain Mark

Credit: The surgical operations on President Cleveland in 1893 / by William W. Keen. Source: Wellcome Collection.

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    DEMONETIZATION OF SILVER. same. Switzerland and Greece, and shortly afterward the three Scandinavian nations, followed their example. In 1892 the leading nations of the world were in a wild scramble for gold. Austria-Hungary was seeking one hundred million dollars for a resumption of specie payments, and the Bank of France was adding to its large supply. Russia, on Janu¬ ary 31, 1893, had accumulated four hundred and fifty million dollars. The Bank of Eng¬ land, in order not to lose its gold, had kept its discount rate at 3 per cent., though in the general market the rate was only 1 per cent. In 1890 occurred the collapse of Argentine credit, and the Baring Brothers very nearly became insolvent. In May, 1893, twelve British Colonial banks suspended. On June 26, 1893—five days be¬ fore the first Cleveland operation—India, the only large user of silver except the United States, also demonetized silver. No nation wanted to be caught with a large amount of silver on hand when the world once more placed itself firmly on a gold basis.