Riding the Economic Rollercoaster: Colorado’s Silver Crash Unearthed
Mike interviews John Steinle.
Welcome back to another riveting episode of Million Dollar Stories, where we dig deep into the pages of the past to uncover tales that have shaped the course of time. Today, we’re on a journey through the dusty trails of Colorado, talking to none other than the brilliant John F. Steinle about his latest masterpiece, “Colorado and the Silver Crash: The Panic of 1893.”
SUMMARY
The year is 1890, and the setting is the wild west. As the Sherman Silver Act enters the scene, the air is thick with anticipation. It’s like the curtain rising on a dramatic play that would leave the entire nation on the edge of its seat. And who better to guide us through this historical spectacle than the maestro himself, John F. Steinle?
John takes us back to when the debate over gold versus silver was hotter than a branding iron in the Colorado sun. The Sherman Silver Act of 1890 was the spark that ignited a nationwide wildfire of discussions on the monetary system. Imagine a showdown between the heavyweight champs of the day, William McKinley and William Jennings Bryan, battling it out in the ring of the 1896 election, famously known as the Battle of the Standards.
Before the Battle of the Standards, a silver boom in Colorado would make a gold rush seem like a kiddie carnival. The late 1870s to the early 1890s saw a silver fever sweep through the Rockies, with towns like Leadville, Aspen, Telluride, and Silverton springing up faster than a jackrabbit on caffeine.
The catalyst? Massive silver deposits were discovered around Leadville and later in the San Juan Mountains and Aspen. It’s like Mother Nature decided to play Santa Claus, offering the region silver in abundance. Throw in the 1878 decision to resume purchasing silver, and you’ve got a perfect storm for a silver boom.
Fast forward to the main event – the Panic of 1893. Imagine Wall Street as a boxing ring; the contenders are economic turmoil, bankruptcy, and unemployment. The Sherman Silver Purchase Act, which allowed payment in gold or silver, created a financial rollercoaster that sent Wall Street crashing like a stagecoach careening off a cliff.
John F. Steinle paints a vivid picture of the aftermath – railroads bankrupt, businesses facing foreclosure, and unemployment skyrocketing. The repeal of the Sherman Act was the knockout punch that left mines abandoned, smelters silent, and communities in shambles. It’s like a scene from a classic Western; only this time, the stakes were real, and the consequences were felt by hardworking folks trying to make a living in the unforgiving terrain of Colorado.
As we ride through the storm of the Panic of 1893 with John as our guide, we witness the workers’ struggles. The once-booming towns turned into ghost towns, with people desperately seeking relief and employment elsewhere. Some floated down rivers on makeshift rafts, while others joined movements like Cox’s Army, marching to Washington, D.C., in a desperate plea for employment.
It’s a tale of resilience, desperation, and the harsh reality of economic downturns that echoes through time.
But fear not because there’s a glimmer of hope even in history’s darkest chapters. Colorado’s slow and arduous recovery is a testament to communities’ resilience. The collapse of the silver industry forced a reevaluation of economic strategies, leading to diversification and adaptation.
As we reflect on this rollercoaster ride through Colorado’s past, it’s clear that lessons abound. The dangers of relying on a single industry and the importance of adaptability are etched into the rocky landscapes of history.
Before we wrap up this wild ride, let’s shift gears and get a sneak peek into John F. Steinle’s upcoming book, “Colorado in the Civil War.” Imagine the untold stories of a young Colorado playing a significant role in the Civil War – it’s like discovering a hidden treasure chest of history buried in the mountainous terrain.
Huge thanks to John F. Steinle for guiding us through the tumultuous times of the Silver Crash. Remember, understanding history isn’t just about looking back; it’s about finding the threads that connect us to the present and weaving a brighter future.
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About Mike Fallat
Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.
Visit website for more information: https://www.milliondollarbookagency.com/
About Dreamstarters Publishing
Dreamstarters Publishing offers ghostwriting, cover design, and everything that is required to take an idea to a finished book (kindle, paperback, hardcover, and audiobook).
The Million Dollar Book Agency is the ultimate marketing CRM system for author-preneurs. Services include automated funnels, lead generation campaigns, book fulfillment, podcast management, press releases, virtual assistants, course development, and more.
Mike also hosts a podcast known as Million Dollar Stories and runs a membership-based site known as Million Dollar Circle. In addition to owning the book business, he invests in self storage real estate.
https://dreamstarterspublishing.com/