The Morgan-Belmont Syndicate of 1895 and Intervention in the Foreign-Exchange Market*

Matthew Simon

Business History Review, 1968, vol. 42, issue 4, 385-417

Abstract: In response to crisis conditions, and for eight months during 1895, the American government subcontracted its responsibility for the maintenance of monetary stability to a private syndicate of businessmen. This action and its results challenged both political and economic orthodoxy and represent one of the most important episodes in government-business relations during the nineteenth century. While previous studies of the Morgan-Belmont syndicate have emphasized its political and social costs, Professor Simon's concerns are to clarify and weigh the economic benefits of this remarkable arrangement.

Date: 1968
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