. Finanzgeschichte der Vereinigten Staaten . .4 September 45.8 39-7 3-6 10.9 Oktober .1 51.9 3S-0 6.6 6.4 November .1 52.8 33-0 7.8 6.3 Dezember 46.4 40.0 4.4 9.2 die neue Schatzanleihen in der Abrechnung der New York Salden, und im Jahr zum Ende Juni, 1891, Sekretär Foster, Appar-ently überzeugt von der Notwendigkeit einer größeren Goldreserve, um den Kredit der Treasury Notes zu unterstützen, erhöht, die Verwendung der älteren US-Noten und hielt an der Goldreserve.das unerwartete Ergebnis war, dass die Banken, beraubt der irusual Lieferung von Gold für Handelszwecke, Gesucht nach ihm auf der Rückholei von den Präs

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. Financial history of the United States . .4 September 45.8 39-7 3-6 10.9 October .1 51.9 3S-0 6.6 6.4 November .1 52.8 33-0 7.8 6.3 December 46.4 40.0 4.4 9.2 the new treasury notes in the settlement of New York balances, and in the year ending June, 1891, Secretary Foster, appar-ently convinced of the need of a larger gold reserve to sup-port the credit of treasury notes, increased, the use of theolder United States notes and held on to the gold reserve.The unexpected result was that the banks, deprived of theirusual supply of gold for trade purposes, sought for it at thetreasury by the presentation of government notes. 189. Panic of 1893; Repeal of Silver Purchases. In March, 1893, Cleveland for a second time entered uponthe presidency. He demanded as the first condition of reliefthe suspension of silver purchases. The silver advocates, how-ever, were still powerful in both parties, and President Cleve-land was at a disadvantage in not having the undivided supportof his own party. Even the position of Secretary Carlisle was. § 189] Repeal of Silver Purchases. 445 doubted : it was publicly declared that he stood ready, if ex-pediency demanded it, to redeem the treasury notes of i8goin silver instead of gold, and, while standing upon the letterof the law which demanded their redemption in coin, practi-cally to cut asunder the parity of gold and silver which hadthus far been maintained. Although the president attemptedby a specific declaration to make clear the harmonious pur-pose of the administration that redemption would continuein gold, public apprehension would not be allayed. Whatevermight be the wishes of the administration, it was feared thatit would not have power to carry them out; particularly whenit was announced in April, 1893, that the gold reserve hadbeen drawn down to ^96, 000, 000 by redeeming the treasurynotes of 1890. At this juncture of financial and commercial difficulties, inJune, 1893, the British government closed the mints in Indiato the free

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