Foster Jr., Charles W.

1891 card signed as Benj. Harrison’s Treasury Secretary

Price: $20.00

Description:
(1828-1904) Ohio US Rep 1874-79, 35th Ohio Governor (R) 1880-84, Benj. Harrison’s Treasury Secretary 1891-93. By 1890, the Treasury Department, with a long history of regulating and intervening in the money market, was regarded as the ultimate source of currency in times of need. However, beginning that year the Treasury surplus of the 1880s disappeared. Foster felt the effects of the Sherman Silver Purchasing Act (which obligated the Secretary to buy silver bullion and issue legal tender notes based on silver as well as gold, redeemable in gold) and the McKinley Tariff Act (which lowered tariffs), both of 1890. As the gold in Treasury vaults was replaced by silver and Customs revenues declined, it became more difficult for Treasury to meet demands for redemption of notes in gold. Though Foster believed in the Sherman Silver Purchase Act and pledged to maintain parity between gold and silver, the run on Treasury gold made him nervous. In 1893 he sold legal tender notes to commercial banks in exchange for gold, in order to build up the Treasury gold supply. In spite of his efforts, the gold reserves continued to decline which led ultimately to the Panic of 1893 during the term of his successor, Secretary John G. Carlisle. 2 ½ x 3 ¾ off-white card signed as Secretary of the Treasury, dated April 2 1891 by Foster.

Condition: Very good
Type:Signed Card






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