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THE GILDED AGE, 1865-1900. Politics during the Gilded Age…the “forgettable presidents”. U.S. Grant, 1868-1876. “Waving the Bloody Shirt” Civil War hero Union as conquerors “Ohio Idea” “repudiation” of war bonds in greenbacks Wealthy north want gold Scandals rack Grant’s presidency
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THE GILDED AGE, 1865-1900 Politics during the Gilded Age…the “forgettable presidents”
U.S. Grant, 1868-1876 • “Waving the Bloody Shirt” • Civil War hero • Union as conquerors • “Ohio Idea” • “repudiation” of war bonds in greenbacks • Wealthy north want gold • Scandals rack Grant’s presidency • Fisk and Gold, the gold market • Tweed Ring (William Tweed, NYC) • Credit Mobilier (Union Pacific) • Whiskey Ring (Excise tax) • Secretary of War Belknap • Panic of 1873 • Over production of RR, mines, factories, farm products • Banking not regulated • Depreciation of Greenbacks
The Greenback Controversy • Issued during Civil War • Help to pay for Union supplies/men • Specie Resumption Act, 1875 • Withdraw of Greenbacks • Paper backed with gold • Less paper money in circulation • Debtors want silver! • Inflation increases the money supply • Silver 1/16 of gold’s worth (“crime of 1873”) • Bland-Allison Act, 1878 • Legal minimum • Greenback Labor Party • Soft money advocates…elect 14 members to Congress, 1879
Politics in the Gilded Age • Coined by Mark Twain • Competitive political elections • High voter turnout • Tariff and “soft money” biggest issues • GAR highly influential • Democrats in “solid south” • Factions: Stalwarts versus Half-Breeds • Roscoe Conkling vs. James Blaine • Mugwumps (Thomas Nast)
Compromise of 1877 • Election of 1876 • Hayes versus Tilden • Disputed electoral votes • House of Representatives • End of Reconstruction, 1877 • Withdraw of all federal troops • “The New South” • Garfield and Arthur in 1880 • Half-Breed and Stalwart • Pendleton Act, 1883
Blaine versus Cleveland, 1884 • Corruption of the Republicans • GAR • Laissez-Faire economics • Protective Tariff Issue • Treasury Surplus • Stifled foreign trade • Landmarks during Cleveland’s Administration • Dawes Severalty Act • ICC (Interstate Commerce Commission)
Benjamin Harrison, 1888 • Tariff Issue is primary! • McKinley Tariff Act, 1890 (48%) • Political Bossism • Thomas Reed, “Czar Reed” • Sherman Silver Purchase Act, 1890 (bimetallism) • Sherman Anti-Trust Act • Used against labor • Companies protected under 14th Amendment
POLITICAL RISE OF THE FARMER!!!! • National Grange of the Patrons of Husbandry (The Grange), 1867 • Social and educational activities • Cooperatives: grain elevators, stories, dairy • Munn v. Illinois, 1887 (state regulation of prop) • Wabash Case (overturn Munn) • Greenback Labor Party • Soft money • James Weaver • Populist Party, 1890s • Farmer’s Alliance • Various “alliance’s” unite • “The People’s Party” (Populist) • Ignatius Donnelly, Mary Lease, “Sockless” Jerry Simpson, Tom Watson • The “Black” factor • “Pitchfork” Ben Tillman • Disenfranchisement and Jim Crow
Grover Cleveland Once Again!1892 • Populist Party • Weaver and the Ohio Platform • Worker Strikes • Homestead Steel and Pullman • Pinkertons and government injunctions • Panic of 1893 • 1st urban/industrial depression • Collapse of stock market • Overproduction/building (RR) • Labor disputes interrupt trade/business • Morgan Bond Transaction, 1894 • Gold reserves in trouble (pay out for silver and European debts) • JP Morgan lends $65 million in gold • Coxey’s Army, 1894 • Increase soft money • Wilson Gorman Bill, 1894 • 2% tax on wealthy, 41% rather than 48% protective tariff
William McKinley: Last Forgettable President, 1896 • Again, tariff and money supply biggest issues • Mark Hanna, McKinley’s political boss • “Trickle down” economics • William Jennings Bryan • Populist and Democrat! • “Cross of Gold” speech • United middle class defeats Bryan…McKinley wins in 1896
McKinley’s Presidency, 1896-1901 • Dingley Tariff, 1897 • 41% to 47% • Gold Standard Act, 1900 • End of pro-silver movement • Teddy Roosevelt as Vice President, 1900 • “TR takes the veil” • Progressive Republican • End of “forgettable presidents,” 1901
Themes of the Gilded Age • Hard vs. Soft Money • Industrialization: banking, oil, steel, RR, electricity by 1890s • Agrarian to urban nation btw 1865 and 1920 • Unions and Reform movements try to curb excesses of industrialization • Immigrants from southern/eastern Europe • Industry of the West: farming, mining, cattle • Social class stratification more than any other time period in US history