Chapter 20 POLITICAL REALIGNMENTS IN THE 1890s. Horatio Alger  Author who wrote “rags to riches” stories in the Gilded Age.

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Presentation transcript:

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A Beleaguered President  Cleveland repealed Sherman Silver Purchase Act to remedy Panic of 1893 –failed to stop depression –made silver a political issue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