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<p>[QUOTE=&quot;Conder101, post: 810227, member: 66&quot;]A depression yes, but not the great depression.&nbsp; It was the Panic of 1893 that developed into a depression and the gold loan was made in 1895.&nbsp; The panic was the result of the 1890 Sherman Silver Purchase Act that greatly increase the purchase of silver that was made into Morgan dollars. The Act created a new currency series, Treasury notes of 1890 also known as Coin notes, that were used to make the purchases.&nbsp; The unlike silver certificates though these notes could be redeemed in either silver or gold at the holders option.&nbsp; Since silver prices were depressed it was possible to sell silver and then redeem the notes in gold and have more money than you started with.&nbsp; So the silver produced flloded the government with silver and depleted the gold reserves to the point where the government was in serious danger of having to default on their financial obligations payable in gold.&nbsp; The uncertainty that the government might have to default lead to uncertainty, runs on the banks, bank failures, loans being called in, and massive business failures.&nbsp; And oddly enough, the free silver movement, and gold silver debates, Bryan running for President, the &quot;Cross of Gold&quot; speech, Bryan Money, and the official adoption of the gold standard.[/QUOTE]</p><p><br /></p>

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