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Gold Loan Syndicate

When: February 1895
Where: U.S. Treasury
Part of: J. P. Morgan and Rothschilds gold loan saves the U.S. Treasury reserve

Morgan and the Rothschilds organized a gold sale to the U.S. government via a Civil War statute, rescuing the Treasury reserve during the Panic of 1893.

Morgan demanded a meeting with President Cleveland, warning that the United States government could default that day if action was not taken. He then devised a plan using an old Civil War statute that allowed Morgan and the Rothschilds to sell 3.5 million ounces of gold directly to the U.S. government, bailing it out in 1895 during the Panic of 1893.

Sources

J. P. Morgan Wikipedia, revision of 2026-10-09
Panic of 1893 Wikipedia, revision of 2026-09-12

Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.