POLITICAL REALIGNMENTS IN THE 1890s

Chapter 20POLITICALREALIGNMENTSIN THE 1890sChapter 20POLITICALREALIGNMENTSIN THE 1890s

Horatio AlgerHoratio Alger

Author who wrote “rags to riches” storiesin the Gilded AgeAuthor who wrote “rags to riches” storiesin the Gilded Age

State RegulationState Regulation

Munn v. Illinois (1877) upheldconstitutionality of state regulations of RRsMunn v. Illinois (1877) upheldconstitutionality of state regulations of RRs

Interstate Commerce Act designed toregulate the RR industryInterstate Commerce Act designed toregulate the RR industry

–RRs rates regulated–RRs rates regulated

–created Interstate Commerce Commission(ICC)–created Interstate Commerce Commission(ICC)

–first federal law to regulate private industry inthe US–first federal law to regulate private industry inthe US

The Election of 1880The Election of 1880

President GarfieldPresident Garfield

Assassination of GarfieldAssassination of Garfield

The Election of 1884The Election of 1884

President ClevelandPresident Cleveland

President Benjamin HarrisonPresident Benjamin Harrison

“Crime of 73”“Crime of 73”

The Fourth Coinage Act (1873)embraced the gold standard, demonetizedsilverThe Fourth Coinage Act (1873)embraced the gold standard, demonetizedsilver

Western mining interests and others whowanted silver in circulation labeled this the"Crime of '73”Western mining interests and others whowanted silver in circulation labeled this the"Crime of '73”

Gold became only metallic standard in theUnited StatesGold became only metallic standard in theUnited States

Bland-Allison Act (1878)Bland-Allison Act (1878)

Required U.S. Treasury to buy a certainamount of silver and put it into circulationas silver dollarsRequired U.S. Treasury to buy a certainamount of silver and put it into circulationas silver dollars

Tariffs, Trusts and SilverTariffs, Trusts and Silver

1890: Sherman Anti-Trust Act regulated bigbusiness1890: Sherman Anti-Trust Act regulated bigbusiness

1890: Sherman Silver Purchase Act movedcountry toward bi-metallic monetary system1890: Sherman Silver Purchase Act movedcountry toward bi-metallic monetary system

–Gold + silver–Gold + silver

Rise of the Populist Movement(People’s Party)Rise of the Populist Movement(People’s Party)

Discontented farmers of West and Southprovided base of supportDiscontented farmers of West and Southprovided base of support

The National Farmers' Alliance resultedThe National Farmers' Alliance resulted

Selected Commodity PricesSelected Commodity Prices

The Farmers' Alliance: OcalaDemandsThe Farmers' Alliance: OcalaDemands

System of government warehouses tohold crops for higher pricesSystem of government warehouses tohold crops for higher prices

Free coinage of silverFree coinage of silver

Low tariffsLow tariffs

Federal income taxFederal income tax

Direct election of SenatorsDirect election of Senators

Regulation of RRsRegulation of RRs

The Panic of 1893The Panic of 1893

February, 1893: Failure of major railroadsparked panic on New York StockExchangeFebruary, 1893: Failure of major railroadsparked panic on New York StockExchange

Investors sold stock to purchase goldInvestors sold stock to purchase gold

Depleted Treasury shook confidenceDepleted Treasury shook confidence

May, 1893: Market hit record low,business failures displaced 2 millionworkersMay, 1893: Market hit record low,business failures displaced 2 millionworkers

1894: Corn crop failed1894: Corn crop failed

Coxey's ArmyCoxey's Army

1894: Jacob Coxey led “Coxey’s Army” toWashington to demand relief forunemployed workers1894: Jacob Coxey led “Coxey’s Army” toWashington to demand relief forunemployed workers

A Beleaguered PresidentA Beleaguered President

Cleveland repealed Sherman SilverPurchase Act to remedy Panic of 1893Cleveland repealed Sherman SilverPurchase Act to remedy Panic of 1893

–failed to stop depression–failed to stop depression

–made silver a political issue–made silver a political issue

The Presidential Election of1896The Presidential Election of1896

Free coinage of silver the main issueFree coinage of silver the main issue

–Boost money supply–Boost money supply

–Seen as solution to depression–Seen as solution to depression

New voting patterns emerged and nationalpolicy shiftedNew voting patterns emerged and nationalpolicy shifted

William Jennings Bryan(Democratic/Populist)William Jennings Bryan(Democratic/Populist)

–Free silver promised in "Cross of Gold"speech–Free silver promised in "Cross of Gold"speech

The McKinley AdministrationThe McKinley Administration

McKinley took office at depression’s endMcKinley took office at depression’s end

An activist presidentAn activist president

1900: U.S. placed on gold standard1900: U.S. placed on gold standard

1900: McKinley won landslide reelectionagainst William Jennings Bryan1900: McKinley won landslide reelectionagainst William Jennings Bryan

The Election of 1900The Election of 1900

A Decade’s Dramatic ChangesA Decade’s Dramatic Changes

September, 1901: McKinley assassinatedSeptember, 1901: McKinley assassinated

Theodore Roosevelt became presidentTheodore Roosevelt became president