In early 1895, when the Treasury's gold reserves reached a desperately low point,

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In early 1895, to prevent the U.S. government from defaulting on its obligations and to bolster the Treasury's dwindling gold reserves, President Grover Cleveland made a deal with a banking syndicate led by J.P. Morgan. This syndicate agreed to purchase a new issue of U.S. government bonds with gold, thereby replenishing the Treasury's reserves and averting a financial crisis. This action did not involve devaluing the dollar, coining silver dollars, or taking the country off the gold standard.

In Early 1895, When the Treasury's Gold Reserves Reached a Desperately