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The Klondike Goldrush

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http://en.wikipedia.org/wiki/Klondike_Gold_Rush

Klondike stampede

News reached the United States in July 1897 at the height of a significant series of financial recessions and bank failures in the 1890s. The American economy had been hard hit by the Panic of 1893 and the Panic of 1896 (Double dip?!) which caused widespread unemployment. Many who were hurt by the financial crises were motivated to try their luck in the gold fields. The first successful prospectors arrived in San Francisco, California on July 15 and in Seattle, Washington on July 17, setting off the Klondike stampede. In 1898, the population in the Klondike may have reached 40,000, which threatened to cause a famine.[citation needed]

Men from all walks of life headed for the Yukon from as far away as New York, South Africa,[6] the United Kingdom[7], and Australia. Surprisingly, a large proportion were professionals, such as teachers and doctors, even a mayor or two, who gave up respectable careers to make the journey. For instance, the residents of Camp Skagway Number One included: William Howard Taft, who went on to become a U.S. President; Frederick Russell Burnham, the celebrated American scout who arrived from Africa only to be called back to take part in the Second Boer War; and W. W. White, author and explorer.[8] Most were perfectly aware that their chance of finding significant amounts of gold were slim to none, and went for the adventure. As many as half of those who reached Dawson City kept right on going without doing any prospecting at all...

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http://en.wikipedia.org/wiki/Klondike_Gold_Rush

Klondike stampede

News reached the United States in July 1897 at the height of a significant series of financial recessions and bank failures in the 1890s. The American economy had been hard hit by the Panic of 1893 and the Panic of 1896 (Double dip?!) which caused widespread unemployment. Many who were hurt by the financial crises were motivated to try their luck in the gold fields.

http://prosperityuk.com/2001/01/a-wonderful-wizard-of-oz-a-monetary-reform-parable/

Bryan and his supporters accused Eastern banks and railroads of oppressing farmers and industrial workers. Bryan believed that a switch to silver-backed currency would make money plentiful. Although correct, Money Reformers today would argue that money need not, and should not, be backed by either silver or gold, but only by the people, their skills, and their resources.

In 1896 Bryan delivered the following words at the Democratic National Convention: “Having behind us the producing masses of this nation and the world, supported by the commercial interests, the labouring interests, and the toilers everywhere, we will answer their [i.e. the bankers'] demand for a gold standard by saying to them: ‘You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold.’”

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Slightly earlier than Klondike but absolutely fascinating listening:

A Gold Hunter's Experience, by Chalkley J. Hambleton. Read by Sue Anderson.

http://www.archive.org/details/gold_hunters_experience_sa_librivox

"Early in the summer of 1860, I had an attack of gold fever. In Chicago, the conditions for such a malady were all favorable. Since the panic of 1857 there had been three years of general depression, money was scarce, there was little activity in business, the outlook was discouraging, and I, like hundreds of others, felt blue."

From the camp being surrounded by wolves to the hordes of stampeding buffalo, from the scams used to sell claims such as washing out sands and pulling out juicy nuggets in front of new green prospectors and using false quicksilver, from the fighting of hypothermia in the winter to the use of gold grains as money, it's all here!

--------------------------------------------------------------

more on the battle between gold and silver:

http://media.mises.org/mp3/audiobooks/garrett/TheDriver/The_Driver_04.mp3

The first 2-13 mins of chapter 4 of 'The Driver', by Garet Garrett are well worth a listen to gain a historical perspective.

Edited by p.p.

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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