What does j. p. morgans involvement in the panic of 1893 and in its resolution tell us about the nature of american industry at the turn of the century ?

J.P. Morgan's involvement in the panic of 1893 set the American industry at its lowest as there was a huge economic depression and the nation's whole currency was dropping down. Insolvency of the government was inevitable unless a source of income was found.

Explanation:

The U.S. economy was deteriorating under the falling prices and rising unemployment due do the panic of 1893.The treasury's reserves were also dropping due to the failing centralized banking system and the currency was not backed by gold.By January 24th 1895, the treasury reduced from a floor containing 100$ million to 68$ million.Wall Street financial John Pierpont Morgan. Son and grandson of Wall Street bankers, Morgan may have been the most repulsive man on the Street.  Morgan as a secretive became the voracious gobbler of businesses including railroads and other businesses.He was an original Wall Street shark, swooping in to withhold a company that is not suspecting and then retreating into the murky liquidity of finance, leaving only his presence. Using his financial power to extract concessions from major U.S. companies, he exposed himself onto the ranks of managing boards by exchanging forgiveness of debt for seats. Grover Cleveland knew Morgan’s reputation and avoided his offers of help as long as he could but eventually he took his help later on.

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