Answer:
He saved the American Economy and led to the establishment of the Federal Reserve.
Explanation:
JP Morgan was a businessman with contacts and investments in many different industries. These contacts, and his wealth, allowed him to wield huge control over the financial industry. This resulted in two big events. Firstly, there was the Gold Crisis of 1895. The US Treasury nearly ran out of gold and Morgan persuaded the president to use an old law to buy gold off him (And the rockefellers). This stabalised the American Dollar and averted crisis. A similar thing happened in 1907. Major New York banks were on the verge of collapse and Morgan held a meeting at his mansion where he forced the New York finaciers to come up with a plan. This they diid and the federal government saved the banks. Morgan also used his controlling interest in US Steel to buy the stock of a competitor whos stock was casuing a brokerage firm to collapse. Despite the anti trust legislation he purchased the stock, This restored confidence in the banking system and ensured the crisis was over.
More importantly, the event made the government realise that they couldnt rely on there always being a wealthy indiividual like Morgan to save the day should there be another crisis. This lead to the creation of the Federal Reserve System in 1913. This was a joint effort of a team of banking and political leaders, led by Senator Nelson Aldrich.
Answer:
The scientist quoted above attempted to prove that:
- It took million of years in the formation of earth.
Explanation:
- The quote is from a book named Principles of Geology by Charles Lyell that was published in 1830. In this book, he has discussed about the changes occurred gradually in earth and its climate over a long period.
- As in his quote, he discussed about the movement of earth and then talks about marine animals embedded in the solid strata ( layer of a rock).
