Chapter 20 POLITICAL REALIGNMENTS IN THE 1890s
Horatio Alger Author who wrote “rags to riches” stories in the Gilded Age
State Regulation Munn v. Illinois (1877) upheld constitutionality of state regulations of RRs Interstate Commerce Act designed to regulate the RR industry –RRs rates regulated –created Interstate Commerce Commission (ICC) –first federal law to regulate private industry in the US
The Election of 1880
President Garfield
Assassination of Garfield
The Election of 1884
President Cleveland
President Benjamin Harrison
“Crime of 73” The Fourth Coinage Act (1873) embraced the gold standard, demonetized silver Western mining interests and others who wanted silver in circulation labeled this the "Crime of '73” Gold became only metallic standard in the United States
Bland-Allison Act (1878) Required U.S. Treasury to buy a certain amount of silver and put it into circulation as silver dollars
Tariffs, Trusts and Silver 1890: Sherman Anti-Trust Act regulated big business 1890: Sherman Silver Purchase Act moved country toward bi-metallic monetary system –Gold + silver
Rise of the Populist Movement (People’s Party) Discontented farmers of West and South provided base of support The National Farmers' Alliance resulted
Selected Commodity Prices
The Farmers' Alliance: Ocala Demands System of government warehouses to hold crops for higher prices Free coinage of silver Low tariffs Federal income tax Direct election of Senators Regulation of RRs
The Panic of 1893 February, 1893: Failure of major railroad sparked panic on New York Stock Exchange Investors sold stock to purchase gold Depleted Treasury shook confidence May, 1893: Market hit record low, business failures displaced 2 million workers 1894: Corn crop failed
Coxey's Army 1894: Jacob Coxey led “Coxey’s Army” to Washington to demand relief for unemployed workers
A Beleaguered President Cleveland repealed Sherman Silver Purchase Act to remedy Panic of 1893 –failed to stop depression –made silver a political issue
The Presidential Election of 1896 Free coinage of silver the main issue – Boost money supply – Seen as solution to depression New voting patterns emerged and national policy shifted William Jennings Bryan (Democratic/Populist) –Free silver promised in "Cross of Gold" speech
The McKinley Administration McKinley took office at depression’s end An activist president 1900: U.S. placed on gold standard 1900: McKinley won landslide reelection against William Jennings Bryan
The Election of 1900
A Decade’s Dramatic Changes September, 1901: McKinley assassinated Theodore Roosevelt became president