Title: POLITICAL REALIGNMENTS IN THE 1890s
1POLITICAL REALIGNMENTS IN THE 1890s
- America Past and Present
- Chapter 20
2Before we begin 1
- Presidential elections every 4 years (1876,
1880, 1884, 1888, 1892, 1896, 1900) - Senatorial elections A term is 6 years. In
election years, about 1/3 of the seats are up for
election. - House elections A term is 2 years. In election
years, every seat is up. - SO, in every even year, there is an election of
some kind happening.
3Before we begin 2
- Under a gold standard, a nation agrees that its
currency can be backed up by gold. The banking
system should be reserving enough gold to cover
every deposit. The price of gold was set it
didnt change with the market. - Using silver and gold is called bimetallism.
- The coins are NOT made of gold or silver.
- We are no longer on a gold standard, as of 1971.
4Pre-1971
- In circulation gold certificates
- Not in circulation gold coins from the U.S. Mint
5Politics of Stalemate
- Who were the voters?
- Democrats and Republicans were close to equal in
strength. Usually the president was Republican,
but it was rare for the Republicans to control
Congress and the executive branch. - Because of close margins and a polarized
legislative/executive (frequently), most
politicians werent willing to risk any big moves
or extreme positions that would alienate voters.
6The Party Differences
- Republicans stood for more government involvement
and control of the economy Democrats stood for
less control (the opposite of todays parties). - The Republicans passed the first-ever
billion-dollar budget
7The only Democrat President of the late 1800s
Grover Cleveland
- Elected to first term in 1884, the first
Democratic president since before the Civil War. - Voted out in 1888 after taking a stand against
tariffs (Republicans accused him of not
supporting business). In this election, the
Republicans won control of the White House and
Capitol Hill and began to pass a billion-dollar
budget, the first ever.
8Grover Cleveland continued
- The Republicans elected in 1888 passed the
Sherman Anti-Trust Act and the Sherman Silver
Purchase Act - The billion-dollar budget was unpopular with
voters in 1890 the House came back under
Democratic control and in 1892 Cleveland was
re-elected to the presidency.
9The Panic of 1893
- Due to overextension, railroads and subsidiary
businesses couldnt sustain their growth (not
enough customers). - Investors began selling their stocks, leading to
several business bankruptcies. - The gold that investors wanted in exchange for
their stock began to be depleted. - Confidence in businesses shattered, and a run on
the stock market led stocks to plummet. - A severe depression followed.
10The Depression
- Bankruptcies
- 25 unemployment rate
- A drought led to food shortages
- Anger and unrest Coxeys Army and the Pullman
Strike - Cleveland, in order to rein in the gold drain,
repealed the Silver Act. This did nothing to
help the economys most urgent problems, and
didnt stop the reserve from shrinking at an
alarming rate.
11Everybody Works but Father
- Women and children paid lower wages, displace men
during depression - Employers retain women and children after
depression to hold down costs
12Cleveland continued
- Clevelands repeal of the Silver Act made him and
the Democrats unpopular. In 1894 Republicans
gained control of Congress again. Cleveland
became a scapegoat for the countrys economic
problems.
13The Mystique of Silver
- Free and independent coinage of silver
- set ratio of silver to gold at 161
- U.S. mints coin all silver offered to them
- U.S. coins silver regardless of other nations
policies - Silverites believe amount in circulation
determines level of economic activity - A moral crusade for the common people
14The Presidential Election of 1896
- Free coinage of silver the main issue
- boost the money supply
- seen as solution to depression
15The election
- Republican Candidate William McKinley
- Promises gold standard to restore prosperity
- Democratic Candidate William Jennings Bryan
- You shall not crucify mankind on a cross of
gold.
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17Campaign and Election
- Populist party endorses Bryan
- Bryan offers return to rural, religious U.S.
- McKinley defends urban, industrial society
- Election is a clear victory for McKinley, utter
rout of Populist party - Populist Party declines after this.
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19The McKinley Administration
- McKinley takes office at depressions end
- An activist president
- Dingley Tariff raises rates to record highs
- 1900--U.S. placed on gold standard
- 1900--McKinley wins landslide reelection against
William Jennings Bryan
20Post-Civil War Presidents
Johnson and Grant Republican Nadir of presidency
Hayes Republican Compromise of 1877 ended Reconstruction
Garfield Republican Assassinated
Arthur Republican Reformed civil service, built up navy
Cleveland Democrat 1st of 2 split terms lost because (?) Republicans accused him of undermining the economy
Harrison Republican Lost because of divisions in Rep. Party
Cleveland Democrat Panic of 1893 overshadowed presidency
McKinley Republican Global expansionist assassinated in 2nd term
T. Roosevelt Republican The trust-busting president
21Experiments in the States
- State government commissions investigate,
regulate railroads, factories - Munn v. Illinois (1877) upholds
constitutionality of state investigations - Wabash case (1886) prompts establishment of
Interstate Commerce Commission
22The Rise of the Populist Movement
- Discontented farmers of West and South provide
base of support - Several organizations over time join/split/morph
into the Populist Party. - In 1892, the Populist presidential candidate won
over a million votes and 22 electoral votes
(James Weaver). - In 1896, in a strange turn of events, the
Populists nominated William Jennings Bryan for
president. He had already been nominated by the
Democrats, and the Populist nomination actually
undermined his candidacy.
23The Farm Problem
- Worldwide agricultural economy causes great
fluctuations in supply and demand - Farmers complaints
- lower prices for crops (actual prosperity rising)
- rising railroad rates (rates actually declining)
- onerous mortgages (loans permit improvement)
- Conditions of farmers vary by region
- General feeling of depression, resentment
24Selected Commodity Prices
25Populist Party
- For
- Free coinage of silver
- sub-treasury system storage of grain,
pre-sale loans - Regulation of railroad companies
- Southern Populists recruit African-Americans,
give them influential positions
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27A Decades Dramatic Changes
- September, 1901--McKinley assassinated
- Theodore Roosevelt becomes president