Lead: In the summer of 1893, with the country in a financial panic, President Grover Cleveland underwent a secret cancer operation.

Intro.: A Moment in Time with Dan Roberts.

Content: As both Governor of New York and President, Cleveland had a reputation as a corruption fighter and political independent. He was the only United States President elected to two nonconsecutive terms in 1884 and then again in 1892 and the first Democrat in the White House since James Buchanan in 1856. Under the President who served between Cleveland's terms, Benjamin Harrison, Congress had passed the Sherman Silver Purchase Act. Western farmers were in favor of this believing that with more money in circulation, loans would be cheaper and life easier for the average American. The problem was that the government had to buy silver with treasury gold causing reserves to drop below the $100,000,000 required by law. People panicked and began to demand gold in exchange for paper money. Banks failed in this the so-called Panic of 1893 and the country was thrown into a short but violent economic depression.


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