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By: Joshua Bagshaw and Michael Krise
Populism By: Joshua Bagshaw and Michael Krise
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The Panic of 1893 The Reading Railroad, a major eastern line, went into bankruptcy. That collapse was magnified by the failures of hundreds of banks and businesses dependent upon the Reading and other railroads. The stock market reacted with a dramatic fall. Fearing further collapse, European investors pulled their funds from the United States causing widespread depression that cut deeper into the agricultural depression in the west.
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Panic of (Part 2) Although thousands of businesses were ruined and more than four million were left unemployed, Cleveland did little. He believed, like most people of both major parties, that the business cycle was a natural occurrence and should not be tampered with by politicians.
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Panic of 1893 (Part 3) The lavish spending of the “Billion Dollar Congress” and the gold drain caused by the Sherman Silver Purchase Act were the prime factors of the surplus reduction. A few weeks after Cleveland was sworn in, the nation’s reserves dipped below $100 million, further weakening public trust. The president acted to rescue the gold standard, but in the process divided the Democratic Party and alienated the silver forces of the South and West
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Election of 1896 William Jennings Bryan William Mckinley
Hanna, Mckinley’s campaign manager, performed to perfection in 1896, sewing up McKinley's nomination well before the Republican convention met. The campaign was one of extremes: McKinley’s muted message was delivered from his front porch, which became known as the“Front Porch Campaign”. William McKinley’s victory was convincing for he was the first candidate since Grant to receive a majority of the popular vote. William Jennings Bryan The Democratic party was split between “siverites”, who wanted the coinage of silver, and “goldbugs” who believed in the gold standard. With the support of James B Weaver, the “silverites” , and his famous Cross of Gold speech, which lashed out against the gold standard, Bryan won the Democratic nomination.
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McKinley Presidency “Open Door Policy” Gold Standard Act of 1900
The United States took Far Eastern matters more seriously after the Spanish-American War, when they came into possessions in the Pacific Ocean. Mckinley desired for the creation of an "open door" that would allow all trading nations access to the Chinese market. Gold Standard Act of 1900 This act made only gold—not silver—exchangeable for money in the United States.
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Annexation of Hawaii Sugar and Pineapple growing businessmen in Hawaii ,with the aid of the American minister to Hawaii and backed up by heavily armed U.S. soldiers and Marines, overthrew the queen of Hawaii. The American businessmen then lobbied president Harrison and congress to annex Hawaii. Harrison sent a treaty to Congress ,but Cleveland withdrew the treaty “for the purpose of re-examination” when he was elected. He believed that “by an act of war…a substantial wrong had been done” When Mckinley was elected into office he called for a joint resolution of Congress(the same way Texas was acquired). Congress fearing Japan would Annex the islands agreed to annex Hawaii and in 1900 it became a U.S. territory
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THE END
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