Island in hawaii for Morgan’s dependence on gold led him to prop up the U.S. Treasury. In 1895, the government appeared to be ready to abandon the gold standard in the face of political pressures and a major DEPRESSION that had caused a run on the precious metal. Morgan rushed to offer aid to President Grover CLEVELAND. The private pact formed at the White House provided for the purchase of more than $62 million in gold for the U.S. Island in hawaii 2016.
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