IMPORTANT FINANCIAL HISTORY
MORGAN, Daniel Nash (1844-1931). Personal Diary of Nash, the Treasurer of the United States Under Grover Cleveland During the Silver Panic of 1893. Washington, D.C., June 1, 1893 [the day he took office] to July 23, 1894. 4to. 236 ruled, numbered pages, with his manuscript writing on pp. 1 - 212. Approximately 270 x 211 mm. Journal bound in full limp dark-brown morocco. Binding somewhat worn, spine chipped, front joint starting at top, front hinge starting. Several printed documents related to U.S. Treasurers are affixed to endleaves or laid-in. Laid-in is a pen and ink sketch of Morgan reading a book (artist unknown, approximately 307 x 238 mm, soiled). Morgan has signed the journal in several places. This densely written and detailed journal reflects Morgan’s tenure for the first year of him being Treasurer of the United States (he would serve four years), as well as his personal life. He discusses the Silver Panic, which largely began before he took office. A few excerpts: “June 28. The business situation throughout the country is growing more serious owing to India’s course on silver question and probably effect on this country. The silver producing states cannot forecast how much of their interests may suffer. Silver sold today 68 ½ per oz.” [p. 25]. “Stephen Miller Edward Wilmot Irving and Hugo called at office today on way to World’s Fair. /signing another [?] $300,000. $250,000 bonds scripted for bank circulation. Around several divisions [?] of Dept. Called on Secy Carlisle [John Carlisle, Secretary of the Treasury]. Gold around [?] $99.4” [p. 47]. The Silver Panic resulted from several happenings, including a failed coup in Argentina, and a wheat crop failure, both of which slowed investments by banks. When the economy began to falter, European investors staged a run on the Treasury for gold, and would not deal in paper money. At around this same time, so many silver mines opened in the West, that silver was oversupplied, with its value crashing. With paper and silver now virtually worthless, and gold unattainable by average Americans, runs on banks became common. This caused a huge Depression in the United States and much of the world.