Unformatted text preview: not solve the problem. The federal government was forced to secure a loan from a banking syndicate headed by J. Pierpont Morgan to buy 3.5 million ounces of gold in order to meet the Treasury emergency. Throughout the crisis, Cleveland maintained that boom-and-bust cycles were inevitable and that little could be done about them. Indeed, he strongly believed that responsibility for the social costs of depression did not fall to the government, at any level. Jacob Coxey, a Populist from Ohio, disagreed. He led a group of 400 men on a protest march to Washington, D.C., in the spring of 1894 and demanded that the federal government set up a $500 million public works project for the unemployed. Coxey's Army quickly disbanded when Coxey and other leaders were arrested for trespassing....
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- Fall '08
- History, Cleveland, J. Pierpont Morgan, public works project, Sherman Silver Purchase, worst economic crisis