Faced with the banks collapsing one after another like dominoes, Jas Buchanan, the fifteenth President of the United States of Arica, couldn’t sit still either.
As president, he never expected that just 8 months into his presidency, the United States would experience a fall in grain prices and stocks, along with bank and factory bankruptcies.
The successive bad news was like a thunderbolt for the newly appointed president. Originally intending to serve for eight years, at this mont he no longer has such aspirations; he only hopes the governnt can transition smoothly during his term so he won’t leave behind a bad na at the end of his presidency.
However, given the current economic situation, the likelihood of Jas Buchanan not leaving behind a bad na seems very slim.
To prevent the declining economy, despite his advanced age (Buchanan was already 66), Jas Buchanan dispatched personnel to the British Embassy overnight, placing his hopes for saving the economy on Britain’s assistance.
Thus, the British envoy was awakened directly from his sleep by the ssenger dispatched by Jas Buchanan.
After the ssenger explained his purpose, the British Envoy to the United States reluctantly followed the envoy sent by Jas Buchanan to the White House.
Upon arriving at the White House and eting President Jas Buchanan, the British Envoy slightly bowed to Jas Buchanan and then said, "Mr. President, I wonder if there’s anything urgent that prompted you to call over at this late hour?"
Jas Buchanan imdiately pleaded for the Kingdom of Britain to lend a hand to the United States, for if the U.S. economy continues on this trajectory, it will sooner or later face the risk of complete collapse.
In response to Jas Buchanan’s request, the British Envoy humbly stated that he was just an ordinary envoy and had no other authority.
If the United States wants to borrow money, it should communicate with the bank established by Britain in Washington, and as long as the bank agrees to the United States’ loan request, then the U.S. can borrow the required amount.
Faced with the British Envoy’s asured response, a bitter smile appeared at the corner of Jas Buchanan’s mouth.
If they could honestly borrow money comrcially, then Buchanan wouldn’t need to summon the British Envoy for talks here.
"Mr. Envoy, several significant incidents have happened recently in the United States, leading to the bankruptcy of so banks and factories!" Jas Buchanan downplayed the current damages as much as possible, then magnified the potential future ones: "If we do not promptly save the situation, then more banks and enterprises will go bankrupt in the United States.
At that ti, it will inevitably possibly implicate the Kingdom of Britain."
After hearing this, the British Envoy responded coldly, "Mr. President, even if the United States’ economy might affect the Kingdom of Britain, that is a matter for the future!
Right now, I only see the U.S. factories and banks collapsing one after another, and they are collapsing far faster than they were established!
Even if I am willing to connect you with others, under such circumstances, which bank would be willing to lend you money!"
"We can issue governnt bonds!" Jas Buchanan proposed as a solution, aiming to raise so funds by issuing bonds and then inject it into the U.S. market.
At this point, Jas Buchanan believes that once they can curb the economic decline, the United States’ market will regain its confidence.
By then, there will be a large influx of overseas investnt.
However, this is just wishful thinking on the part of Jas Buchanan; the economic crisis is by no ans so easily resolved.
Even Roosevelt’s New Deal, aiding through labor for relief, was only a temporary reprieve from the economic crisis.
"Mr. President, issuing governnt bonds is indeed a good idea!" The British Envoy first nodded in agreent, then continued, "But are you sure your proposal will be accepted by the Senate?
The senators... especially the southern senators, will they really agree?"
Jas Buchanan’s expression stiffened, and his gaze dulled.
The British Envoy was right. His proposal for issuing bonds seems indeed good, but the southern senators definitely won’t agree with this policy.
Jas Buchanan’s policy is tantamount to using southern funds to satisfy the demands of Northern Industry capitalists.
Because the banks’ biggest loan borrowers are not slave owners, but factory owners.
Although the profits from land are stable, they are far inferior to factory profits, and banks mostly prefer to lend money to factories.
What’s more, not long ago, the southern regions also experienced a crisis triggered by falling grain prices, and at that ti, there were also proposals to subsidize hard southern slave owners, yet those were also vetoed by northern senators.
Now, with fortune changing hands, southern senators opposing northern senators’ proposals is still reasonable.
"Mr. Envoy, I’m sorry to have troubled you to co!" Jas Buchanan said to the British Envoy with a slightly disappointed tone.
The British Envoy bowed to Jas Buchanan and responded: "Mr. President, it’s nothing!
I also hope your country’s crisis can be resolved quickly, as you just said, this crisis is not only the crisis of the United States of Arica but also a crisis for the Kingdom of Britain, and even for all of Europe!"
After the British Envoy left, Jas Buchanan paced back and forth several tis.
After careful consideration, Jas Buchanan still wanted to try issuing national bonds.
Imdiately, Jas Buchanan called the Minister of Finance to discuss various matters regarding the issuance of national bonds.
The Minister of Finance told Jas Buchanan that without authorization from both houses, the Ministry of Finance cannot arbitrarily issue national bonds.
"Do we have to watch the United States’ economy decline step by step?" Jas Buchanan said to the Minister of Finance with a tinge of sorrow.
"Mr. President, I’m sorry! We are powerless!" The Minister of Finance also sighed and responded to Jas Buchanan.
"I understand!" Jas Buchanan waved his hand in a despondent manner, "Thank you for making the trip!"
After the Minister of Finance left the White House, Jas Buchanan sat on the couch in the President’s office, facing the fireplace alone.
At this mont, Jas Buchanan felt an inexplicable chill, glanced at the burning wood in the fireplace, and then got up to take the whiskey and a small glass from the drawer and placed them on the table beside the sofa.
He opened the bottle of whiskey, poured a small glass, and drank it in one gulp.
The over 40-degree whiskey imdiately made Jas Buchanan’s stomach feel a burning sensation, which soon spread to every part of his body except his heart, enveloping him in warmth.
After drinking three successive glasses, Jas Buchanan’s face turned slightly red, and he imdiately used his hands as a pillow and fell asleep on the sofa.
...
In the next half month, factories, companies, and banks in the United States of Arica went bankrupt one after another, with more than 6,000 companies directly facing closure.
[Originally, history should have recorded more than 5,000 companies, due to England and France previously shorting United States’ gold, coupled with the frenzied land speculation and promotion of erging industries by Emile Pereire’s real estate company in New York and Washington, raising property prices in these cities, and then selling all the land to other real estate companies.
As a result, there was a flood of real estate companies in New York and Washington, with property prices skyrocketing.
Among these more than a thousand companies, more than half were real estate companies.
Of course, as the instigator, Pereire Real Estate had long since extricated itself.]
Among the 63 banks in New York City, 62 announced a cessation of their policies, raising the discount rate to a daunting 65%.
Such a discount rate was almost equivalent to bankruptcy.
Almost every day, one could see a destitute gentleman leaping from tall buildings.
The economic downturn led to growing dissatisfaction among the residents of the United States with Jas Buchanan’s governnt, with the governnt’s prestige declining and the North-South divide becoming increasingly irreconcilable.
Parliant mbers from the North accused Southern mbers of causing the economic crisis, arguing that because Southern mbers consistently voted against raising tariffs, it allowed goods from the Kingdom of Britain to enter the United States market unhindered, thereby triggering this economic crisis.
anwhile, Southern mbers, facing accusations from Northern mbers, naturally would not admit it was their fault, and they also accused Northern mbers, claiming it was their unrestrained production that caused the economic crisis, and that the entry of British goods into the United States market was rely a catalyst.
While Northern and Southern mbers were arguing in Parliant, the newspapers of the Slave States and Free States began to sar each other.
The Free States castigated the Slave States for promoting feudalism within the United States, while the Slave States thundered that the Free States were ruthless with human lives.
The newspapers of both factions laid bare each other’s black deeds, causing many originally neutral individuals to beco radicalized.
Thus, so from the slightly Abolitionist Faction began to take action.
Led by John Brown, the Abolitionists began planning an uprising with the purpose of liberating slaves in the Slave States.
When he explained his uprising plans to those who harbored resentnt towards Slave State securities and to those who deliberately provoked the North-South conflict, he imdiately received generous support from them, including a significant contribution from a French Abolitionist.
With just his contribution alone, this individual provided John Brown with $50,000 and nearly a hundred guns.
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