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I'm John Bachelbert, Troy Sennick, a man of iron, the turbulent life and unprobable presidency of Grover, Cleveland 22nd, and now 24th president of the United States, the spring of 1893.

There's a panic, what we call a recession, onto a depression.

What drives it? Try, where does it begin?

At the risk of oversimplifying, because it's a complicated issue, but complicated in a way that will bore your audience to tears, until in depth about it.

This goes back to the same conversation that we were having about by metalism.

There's an injection of silver into the economy, and really what you see in the panic of 1893, which is referred to in its day, by the way, as the great depression.

This is the biggest depression the country has seen up to that point, is an instability, an instability that plagues the country for years.

A lot of it has to do with the fact that the country being on the gold standard is obliged to keep a certain amount of gold in the bank at all times.

But as you mentioned earlier, part of the problem here is that you've got gold and silver in the market at the same time, and they're not worth the same amount.

Anybody in this set of circumstances going to be hoarding the gold, which is more valuable than the two metals.

And that's what happens. You see gold being pulled from the market at the same time that the federal government is trying to hold on to gold in order to convince the world, and especially the financial class in the country, were staying on the gold standard.

The reason that this uncertainty lingers for so long, Cleveland is engaged in a lot of triage throughout his administration,

which eventually staunches the bleeding, but we never get to full recovery and tell the McKinley administration afterwards is because this tension runs through the middle of the Democratic parties.

The financial markets can never calm down because they never know whether the gold or the silver side is going to be the one that wins out.

All Cleveland really is able to do is put his finger in the dieke, you know, and keep it from totally breaking.

And that's why it'll fall to McKinley for the so I get solved.

There's a cascade that begins with the failure of what is called the national cordage company didn't know that was important.

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