The global economic crisis of 1929, triggered with the stock market crash on 24 October, was the largest in the history of capitalism, reaching many countries and paralyzing economic activities. Its effects in Brazil overthrew the valuation policy of coffee, started in 1906 with the signing of the "Convênio de Taubaté". Coffee, which accounted for 70% of Brazilian exports, had its price reduced in the international market. The crisis threatened the stability of the government of Washington Luís, who did not allow the new currency devaluation, pleaded by farmers before the disaster on the New York Stock Exchange.