Vest, George G.

[Silver Question] Petition Signed by 23 Democratic Senators October 1893

[Silver Question] Petition Signed by 23 Democratic Senators October 1893

Single leaf mounted on linen measuring 14 x 8 3/4 inches. Trimmed unevenly at top edge. Very toned or possibly acid burned from glue used on backing. Water damage at bottom edge. Light chipping to edges. Apparently consists of two leaves trimmed and mounted as one. One very small hole. Verso is blank. Good Condition.

Historically important manuscript petition drafted by Missouri Senator George G. Vest to the chair of the Democratic Caucus Arthur P. Gorman of Maryland dated October 16, 1893. Signed by 23 sitting United States Senators. The petition was drafted in the midst of one of the worst economic depressions the United States had faced.

"The undersigned respectfully request you to call a meeting of Democratic Senators for the purpose of conferring on regard to the action which should be taken by the Democratic Party in the Senate upon the pending silver legislation, --and we hereby pledge ourselves to abide by the action of a majority of the caucus as to said legislation. G.G. Vest."

This petition was signed as the economy of the United States was in the throes of the Panic of 1893. Grover Cleveland had just taken office (for his second, yet non-consecutive term as President) when markets crashed, and panic shook the economy. Many felt the crisis was precipitated by the passage of the Sherman Silver Purchase Act of 1890. The Wikipedia page on the Sherman Silver Purchase Act states, " The crash in the silver dollar's bullion value in the 1890s from 80 cents to approximately 50 cents increased public anxiety on their continued ability to convert silver dollars and banknotes into gold. The result was a run on the Treasury's gold stock and the onset of the Panic of 1893. President Grover Cleveland summoned an emergency session of Congress on August 7, 1893, for the repeal of the act to prevent the further depletion of the government's gold reserves."

This collection of 23 signatures strongly represents a southern bloc of Senators including 17 Senators from the south, almost all of whom fought for the Confederacy in the American Civil War including several high-ranking generals. 5 former state Governors are also represented. Noted Senators include John Tyler Morgan of Alabama, Francis Cockrell of Missouri, Richard Coke of Texas, Zebulon Vance of North Carolina and Alfred Colquitt of Georgia.

Isham Harris of Tennessee, as Senate's president pro tempore, led the opposition to Cleveland's attempts to overthrow the Sherman Silver Purchase Act and is a signatory to this petition.

The Panic of 1893 would last 4 years, and led to massive Democratic defeats in 1896, and a weakened Democratic Party for the next 15 years.

An important document surrounding the Panic of 1893 with a collection of rare and historically important signatures, including 15 Senators who earlier fought for the Confederacy. Item #742

Price: $750.00