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REVOLT OF THE DEBTORS

REVOLT OF THE DEBTORS. 1880 TO 1895. Election of 1868 Waving the bloody shirt Ohio idea Fiske and Gould Tweed Ring Credit Mobilier Whiskey ring Fish Treaty of Washington. Panic if 1873. Causes Overproduction, bankers risky loans, greenbacks, hard money vs. soft money Contraction

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REVOLT OF THE DEBTORS

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  1. REVOLT OF THE DEBTORS 1880 TO 1895

  2. Election of 1868 • Waving the bloody shirt • Ohio idea • Fiske and Gould • Tweed Ring • Credit Mobilier • Whiskey ring • Fish • Treaty of Washington

  3. Panic if 1873 • Causes • Overproduction, bankers risky loans, greenbacks, hard money vs. soft money • Contraction • Specie Resumption Act of 1875 • Debtors push silver • Crime of 73 • Bland-Allison Act • Greenback labor party

  4. ELECTION OF 1880 • REPUBLICAN NOMINATE JAMES GARFIELD, ON 36TH BALLOT • DEMOCRATS NOMINATE WINFIELD HANCOCK • GREENBACK LABOR PARTY JAMES B. WEAVER • GARFIELD WINS 214 TO 155

  5. GARFIELD IN OFFICE • 1 MONTH AFTER INAUGURATION GARFIELD IS SHOT • ASSASSIN CHARLES GUITEAU, BUT GARFIELD WAS KILLED BY HIS DOCTORS & ALEXANDER BELL • CHESTER ARTHUR WAS VICE PRESIDENT

  6. ARTHUR RISES TO THE JOB • HE WAS A “STALWART” OF THE REPUBLICANS. A MACHINE POLITICIAN • CORRUPTION WAS EXPECTED, BUT SURPRISED THE NATION • FOUGHT FOR CIVIL SERVICE REFORM, MODERNIZED THE NAVY

  7. SIGNIFICANT LEGISLATION • THE CHINESE EXCLUSION ACT 1882 • PENDLETON ACT 1883- ESTABLISHED A CIVIL SERVICE SYSTEM.

  8. ELECTION OF 1884 CLEVELAND VS. BLAINE • REP. NOMINATE JAMES G. BLAINE “THE PLUMED KNIGHT” • “ MUGWUMPS” LEAD BY CARL SCHURZ SPLIT THE PARTY. • DEMOCRATS NOMINATE N.Y. GOV. GROVER CLEVELAND • MUD-SLINGING CAMPAIGN

  9. MORE ON 84 ELECTION • THE “MULLIGAN LETTERS” • CLEVELAND’S ILLEGITIMATE CHILD. • “MA, MA, WHERE’S MY PA?” • “GONE TO THE WHITE HOUSE, HA,HA, HA!” • CLEVELAND WINS 219 TO 182

  10. CLEVELAND 1ST DEMO. PRESIDENT SINCE 1856 • CLEVELAND EXPANDS CIVIL SERVICE, BUT KEEPS SPOIL SYSTEM TOO. • VETOES PENSION BILL • CALLS FOR LOWER TARIFF RATES, BUT REPUBLICAN CONGRESS REFUSES.

  11. MAJOR LEGISLATION • HATCH ACT 1882; SETUP AGRICULTURAL STATIONS. • THE DAWES ACT 1887 INDIAN REFORM. • INTERSTATE COMMERCE ACT 1887 • NOTE: CLEVELAND DID LITTLE TO HELP FARMERS, WORKERS, SLUM DWELLERS. HE WAS A LAISSEZ FAIRE PRESIDENT.

  12. ELECTION OF 1888 • REP NOMINATE BENJAMIN HARRISON • DEMOCRATS RE-NOMINATE CLEVELAND. • CLEVELAND RECEIVES 100,000 MORE POPULAR VOTES • HARRISON WINS 233 TO 168 IN ELECTORAL VOTE.

  13. HARRISON AS PRESIDENT • APPOINTS BLAINE SEC OF STATE • SUPPORTS CIVIL SERVICE. • REPUBLICANS CONTROL CONGRESS, BUT IN HOUSE BY ONLY 3 VOTES

  14. CZAR THOMAS B. REED • DEMOCRATS OBSTRUCT BY NOT ANSWERING QUORUM CALLS • CZAR REED’S TACTICS • 51ST CONGRESS 1ST BILLION DOLLAR BUDGET • BUDGET SURPLUS

  15. JAMES TANNER & PENSIONS • TANNER: “LET ME AT THE SURPLUS” • PENSION ACT 1890 • GRAND ARMY OF THE REPUBLIC GAR • LOGROLLING DEAL: PENSIONS, SHERMAN SILVER ACT, & SHERMAN ANTI-TRUST ACT

  16. McKINLEY TARIFF 1890 • RATE GOES TO 48.4% • VOTER REVOLT REPUBLICANS LOSE 78 SEATS IN HOUSE OF REPS. • MCKINLEY LOSES SEAT IN CONGRESS. ELECTED GOVERNOR OF OHIO 1891

  17. THE POPULIST PARTY1892 • REACTION TO MCKINLEY TARIFF. • GREW OUT OF FARM ALLIANCE & GRANGE MOVEMENT • OMAHA CONVENTION, CALLED “MASS MEETING ON MANIACS” • CALLED FOR RADICAL REFORM

  18. OMAHA PLATFORM • FREE COINAGE OF SILVER 16 TO 1 • A GRADUATED INCOME TAX • GOVERNMENT OWNERSHIP OF TELEPHONE, TELEGRAPH, & RAILROADS. • NOMINATE JAMES B. WAVER FOR PRESIDENT.

  19. ELECTION OF 1892 • REPUBLICAN RE-NOMINATE HARRISON • DEMOCRATS CLEVELAND • KEY ISSUE TARIFF POLICY • HOMESTEAD STRIKE HURTS HARRISON • CLEVELAND WINS 277 TO 145 • POPULISTS POLL 1 MILLION VOTES.

  20. CLEVELAND’S 2ND TERM • LITTLE SYMPATHY FOR DEBTOR CLASS. • RICHARD OLNEY IS ATTORNEY GENERAL • PANIC OF 1893 HITS HARD

  21. GOLD CRISIS • REPEAL SILVER PURCHASE ACT • BY 1894 GOLD RESERVE DOWN TO $41 MILLION, $350 MILLION DEEMS MINIMUM. • TWO BOND ISSUES RAISED $100 MILLION • J.P. MORGAN LENDS $65 MILLION

  22. COXEY’S ARMY MARCHES • JACOB COXEY LEADS MARCH ON WASHINGTON • GOALS: RELIEVE UNEMPLOYMENT THRU INFLATION. ISSUE PAPER CURRENCY, PUBLIC WORKS PROJECTS. • ARRESTED FOR WALKING ON THE GRASS. ARMY COLLAPSES.

  23. THE PULLMAN STRIKE 1894 • EUGENE V. DEBTS LEADS STRIKE • RAILROADS PARALYZED • RICHARD OLNEY ASKS FOR TROOPS • PRES. CLEVELAND SENDS TROOPS ON GROUNDS THAT THE MAIL MUST BE DELIVERED. • 1ST USE OF FEDERAL TROOPS

  24. DEBTS GOES TO JAIL • WENT IN A LABOR LEADER • CAME OUT A SOCIALIST • BECOMES SOCIALIST PARTY CANDIDATE FOR PRESIDENT.

  25. DEMOCRATIC TARIFF • MCKINLEY TARIFF OF 1890; 48.4% • FED DEFICIT REACHES $61 MILLION IN 1894 • WILSON-GORMAN TARIFF: CUT RATE TO 41.3%, INCLUDES 2% INCOME TAX • CLEVELAND RELUCTANTLY SIGNS IT.

  26. 1895 SUPREME COURT ACTS • DECLARES INCOME TAX UNCONSTITUTIONAL • 16TH AMENDMENT IN 1913 WILL ALLOW INCOME TAX.

  27. CONGRESSIONAL ELECTION OF 1894 • DEMOCRATS ARE CRUSHED. • REPUBLICANS HOLD 244 SEATS TO 105

  28. THE SILVER ISSUE 1896 • DEBTORS SEEK CURE-ALL • “COIN’S FINANCIAL SCHOOL” BY WILLIAM HOPE HARVEY • FREE COINAGE OF SILVER AT 16 TO 1 WILL SOLVE ALL ECONOMIC PROBLEMS.

  29. ELECTION OF 1896 • REPUBLICAN’S NOMINATE WILLIAM MCKINLEY OF OHIO • MARK HANNA IS HIS CAMPAIGN MANAGER.

  30. W.J. BRYAN: SILVER MESSIAH • “BOY ORATOR OF THE PLATT” • NOT A CANDIDATE FOR NOMINATION. • “CROSS OF GOLD” SPEECH GIVES HIM THE DEMO. NOMINATION. • POPULIST PARTY ENDORSES BRYAN

  31. CAMPAIGN: GOLD BUGS VS SILVERITES. • MCKINLEY’S FRONT PORCH CAMPAIGN • BRYAN IS EVERYWHERE • BRYAN’S CAMPAIGN “SILVER LUNACY” • MCKINLEY PROMISES “A FULL DINNER PAIL.”

  32. MCKINLEY WINS • 271 TO 176 & BY 610,000 IN POPULAR VOTE. SECTIONAL VOTE. • BRYAN’S CALL FOR SILVER FRIGHTENED VOTERS. • REPUBLICANS RAISE TARIFF TO 46.5% (DINGLEY TARIFF ACT 1897)

  33. INFLATION WITHOUT SILVER • ECONOMY IMPROVES • FARM PRICES RISE. • GOLD DISCOVERIES IN ALASKA FUEL INFLATION.

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