In order to prevent the national government from defaulting on bonds, President Grover Cleveland enlisted the help of ___________________ to convince bankers to lend money to the federal government in exchange for bonds with a 4 percent interest rate.

Question

In order to prevent the national government from defaulting on bonds, President Grover Cleveland enlisted the help of ___________________  to convince bankers to lend money to the federal government in exchange for bonds with a 4 percent ​interest rate.

Quizplus · Accepted Answer

J.P. Morgan was the financier whom President Grover Cleveland turned to for assistance in preventing the federal government from defaulting on its bonds. Morgan helped arrange a deal with a syndicate of bankers to lend money to the government in exchange for bonds at a 4 percent interest rate.

In Order to Prevent the National Government from Defaulting on Bonds