The Sherman Silver Purchase Act of 1890, perhaps along with protectionist McKinley Tariff that year, was blamed for panic. Set in response to a large overproduction of silver by western mines, or the Sherman Act requiring the US Treasury to understand silver using notes respected by silver or gold.
President Grover Cleveland, a Democrat, was blamed for the depression. He, in turn, blamed the Sherman Silver Purchase Act. Gold reserves stored in the Treasury have fallen dangerously low. This led President Cleveland to lend $ 65 million in gold from banker JP Morgan and the Rothschild family of banks in England.
