" Very good, thought
business, but how and when will you act accordingly?
Lack of business confidence increased greatly. Money rates advanced.
Security values fell; imports greatly exceeded exports. Silver
certificates were at 83. Something was about to snap in the general
business machine. National Cordage broke from 57 to 15-1/2 on May 1st,
receivers were appointed, and the panic of 1894 had declared itself and
grew worse on the 4th and 5th. Call money rose to 40%. June witnessed
great distress in business circles. On the 27th the Government of India
stopped the coinage of silver for individuals and decreed the exchange
value of the rupee at 16 pence. This lowered the exchange value of our
silver bullion certificates to 62. President Cleveland helped matters
somewhat by announcing that Congress would be convened early in
September. In early July the panic increased somewhat despite the
President's call for Congress to assemble on August 7th. Time loans were
hardly obtainable. Conditions in August grew worse. Business was almost
at a standstill, and failures were very frequent. From August 7th until
the affirmative action on the 28th by the House of Representatives as to
the repeal of the Silver Act, there was great concern.
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