Mr President Mr Morgan, Mr President, Treasury discussed on American Elections: Wicked Game
It's February fourth. Eighteen ninety five in a man has just arrived in Washington with a big idea. The economic situation across the country's dire over the past few months gold reserves have continued to plummet. This man has an idea to save the economy. These come to Washington. Dc to share it with the president. The man is escorted to the White House after the executive residence as he waits alone. The man takes a cigar from his pocket. Rolls it in his fingers. It will take one of the most powerful men in the country to fix the gold reserve crisis that is precisely why J. P. Morgan. The famous banker has come to Washington. Mr President Mr Morgan. I'm sure you know. Attorney General. Only Treasury Secretary Carlisle Gentlemen. Please speed what brings you to Washington? Mr Morgan gold in the Treasury's reserve president. Cleveland knows the reserve is running low. Whatever favored J. P. Morgan is asking for? He is not in a position to help while sir. If you wish to take any gold from the Treasury GONNA know Mr President. I wished to put gold in well. If you wish to buy some public bonds we will soon be issuing oeser. We do not have the time. The issue has already been decided. Mr Morgan the real issue. Mr President is that there is an investor in New York with a draft for ten million dollars in gold. I'm sure we can handle that amount. No Mr President. The Treasury only has nine million when that ten million draft is presented. You won't be able to meet it. The United States will be insolvent before the end of the day. The president knew the situation was bad but hearing the word insolvent drains the color from his face. When you suggest for Morgan we must act quickly. Sir I suggest a private sale of American bonds I will lead a syndicate of investors. Who will pay for the bonds in gold? That's no good. Mr Morgan. Congress will never allow a private sale. Mr President back in the civil war when I was in a mining village trading gold. I stopped at a saloon to play a game of Solitaire. There I heard tell of a statute that gave President Lincoln the authority to do exactly what I'm suggesting. This is news to Cleveland's ears even his attorney. General Richard Only unaware of the law only quickly stance and Fascism the book of revised statutes he flips through the pages and stares into belief only hands the book to Treasury Secretary Carlisle. He reads section thirty seven hundred allowed. The Secretary of the Treasury may purchase coin with any of the bonds or notes. The United States pond such terms as he may deem most advantageous to the public interest. This seems to suffice memorial. How much are you suggesting? One hundred million ought to do it. We'll put that much back into the Treasury in exchange for bonds. The president is apprehensive. Mr Morgan is there enough gold left on American shores to accomplish such a venture. My Syndicate will secure half of what's needed from abroad. And what have we that if we adopt this plan? The gold you deposit will not continue to be shipped abroad as it has been fired. Can you guarantee that this will not happen? Morgan raises an eyebrow with this request. President Cleveland is fundamentally asking Morgan to control the international gold markets during the life of the contract. It's a tall order but if anyone can do it. It's J. P. Morgan yes. Mr President until the contract has been concluded and the goal has been reached. You have my word. Cleveland offers. His hand Morgan takes it and with a single handshake. Economy.