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Politics and Economics Politics and Economics of the Gilded Ageof the Gilded Age
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AP United States HistoryAP United States History
Third Party System (1860-1896)
► Democrats Platform
► Pro-slavery► States’ rights; laissez-faire
Factions► Bourbon Democrats
Pro-business Democrats Supported civil service reforms
► Redeemer Democrats
Coalition► White Southerners, Catholics,
Lutherans, Jews, Immigrants, working class
► Solid South
► Republicans Platform
► Radical Reconstruction► Pro-business; tariffs; protectionism
Factions► Stalwarts
Preserve spoils system and machine politics
► Half-Breeds Pursued civil service reform
► Mugwumps Independents discouraged with corrupt GOP
Coalition► Business, upper-class, middle-class,
Northern WASPs, reformers, blacks, scalawags, carpetbaggers
► Northeast and West
► Antebellum and Post War Issues(1854-1877)► Slavery and Emancipation► Reconstruction policies
► Post Reconstruction Issues (1877-1896)► Civil Service Reform► Tariffs and Protectionism► Gold Standard and Silver
► Populist Party
Election of 1868► Ulysses S. Grant (R)► Horatio Seymour (D)
Ulysses S. Grant (R) (1869-1877)► Civil War hero, but no political
experience; linked with moderates and Radicals
► Grantism Credit Mobilier
► Union Pacific Railroad creates dummy construction company to hire execs at inflated salaries and earn high dividends
► Sold stock to Republican congressmen and bribed press to keep quiet
Whiskey Ring► Republicans embezzled liquor tax
revenues using bribes and networks
► Amnesty Act of 1872► Panic of 1873
Election of 1872
Panic of 1873: The Long Depression► Causes
Expansion of railroads, enterprises in industries and mines outpaces market demand
Coinage Act of 1873► Demonetizes silver contracting the
money supply► “Crime of 73”
Jay Cooke & Company bankrupt► Major financing investment firm
leads to chain reaction of banks
► Effects Over 100 railroads fail; 16,000
businesses fail► Unemployment at 14%
“Election” of 1876
► Republicans struggle to nominate “boring” Rutherford B. Hayes
► Democrats nominate solid and popular Samuel J. Tilden
► Tilden won the popular vote solidly and needed only 1 more electoral vote for majority
► Contested electoral votes in 3 Reconstruction states (Louisiana, South Carolina, Florida)
► Electoral Commission rewarded 3 sets of electoral votes to Hayes Split ideologically 8-7 in favor of
Republicans
Samuel Tilden (D)
Rutherford B.
Hayes (R)
81.8% voter turnout
Compromise of 1877► Hayes will become president,
if… Remove federal troops from the
South Help develop infrastructure in
South, ex. Railroads Appoint Southerner to Cabinet Limited enforcement of racial
equality► Redemption
Redeemer Democrats Plessy v. Ferguson (1896) Jim Crow Laws
► Segregation► Disenfranchisement
Literacy tests Poll taxes Grandfather clauses
Rutherford B. Hayes (R) (1877-1881)► Compromise of 1877► Great Railroad Strike of 1877► Civil service reform
Election of 1880► James A. Garfield (R)
Protective tariffs
► Winfield S. Hancock (D) Lower tariffs
79.4% voter turnout
James A. Garfield (R) (1881)► Challenged political
machines, spoils system, and senatorial courtesy
► Assassination July 2, 1881 Charles J. Guiteau
► “a disgruntled office-seeker”
► Death September 19, 1881
► Chester A. Arthur assumes presidency
Civil Service Reform► Patronage/Spoils System dominated
political appointments since Jackson► Corruption during Grant
administration called for reform Stalwarts
► Supported machine politics and spoils system
► Roscoe Conkling Half-breeds
► Pursued civil service reform► James G. Blaine
► Garfield’s assassination► Pendleton Civil Service Reform
Act (1883) United States Civil Service
Commission Federal employees based on
expertise, civil service exams Prohibited federal employees and
campaign contributions
Chester A. Arthur (R) (1881-1885)
► Assumed office after Garfield’s assassination
► Pendleton Act (1883) Despite being a Stalwart
► Chinese Exclusion Act of 1882
Election of 1884► Grover Cleveland (D)► James G. Blaine (R)► Campaign
“Blaine, Blaine, James G. Blaine. Continental liar, from the state of Maine”
“Rum, Romanism, and Rebellion”
“Mama, mama! Where’s my pa?”► “On to the White House, HA
HA HA”
77.5% voter turnout
Grover Cleveland (D) (1885-1889)► Haymarket Riot (1886)► Interstate Commerce Act (1887)
Interstate Commerce Commission (ICC)
► Opposed Civil War veteran pensions Grand Army of the Republic (GAR)
advocacy
► Pursued tariff reform
Election of 1888► Benjamin Harrison (R)
Protective tariffs
► Grover Cleveland (D) Lower tariffs Against inflationary currency
and war pensions Won the popular vote
79.3% voter turnout
Benjamin Harrison (R) (1889-1893)► Sherman Antitrust Act
(1890)► Billion Dollar Congress► Sherman Silver
Purchase Act (1890) Free Silver/Silverites
► McKinley Tariff (1890)► Homestead Strike (1892)
The Populist Movement► Origin and Evolution of Populist
Party Granger Movement -> Farmers Alliance -> Populist Movement -> People’s Party/Populist Party
► West and South► Omaha Platform (July 4, 1892)
Coinage of silver Direct election of Senators Graduated income tax State laws through
referendums/initiatives Government regulation/ownership of
infrastructure 8-hour workday Abolition of national banks Civil service reform
Bimetallism► Coinage Act of 1873► For Silver and Gold
Inflationary effect► ““If a farmer owes $3,000 and can earn $1 for If a farmer owes $3,000 and can earn $1 for
every bushel of wheat sold at harvest, he every bushel of wheat sold at harvest, he needs to sell 3,000 bushels to pay off the needs to sell 3,000 bushels to pay off the debt. If inflation could push the price of a debt. If inflation could push the price of a bushel of wheat up to $3, he needs to sell bushel of wheat up to $3, he needs to sell only 1,000 bushels.”only 1,000 bushels.”
Free Silver/Silverites► For Gold Standard
“Sound money” Banks and businesses preferred gold
standard Stable economy and prevents inflation
► Sherman Silver Purchase Act (1890) U.S. Treasury ordered to buy 4.5 million oz
of silver monthly Treasury notes could be turned in for silver
or gold► Most took gold depleting U.S. gold reserves
Election of 1892► Grover Cleveland (D)
Lower tariffs Gold standard
► Benjamin Harrison (R) Protective tariffs Bimetallism
► James B. Weaver (Pop) Coalition of farmers and labor
unions
74.7% voter turnout
Grover Cleveland (D) (1893-1897)► Panic of 1893► Bimetallism► Pullman Strike (1894)
Panic of 1893► Causes
Overexpansion Railroad speculation
► Pennsylvania and Reading Railroad bankruptcy
Silver Purchase Act repealed► Impact
Unemployment to 18.4% 16,000 businesses and 500 banks
bankrupt/failed Pullman Strike (July 1894) Coxey’s Army (1894)
► March on Washington by unemployed workers and farmers $500 million for jobs
► Dispersed by federal troops J.P. Morgan and the Treasury
► Cleveland and U.S. borrowed $65 million in gold
William Jennings Bryan (D)► “The Great Commoner”
Appealed to farmers, working class, middle class
► “Cross of Gold” Speech “If they dare to come out in the open
field and defend the gold standard as a good thing, we shall fight them to the uttermost, having behind us the producing masses of the nation and the world. Having behind us the commercial interests and the laboring interests and all the toiling masses, we shall answer their demands for a gold standard by saying to them, you shall not press down upon the brow of labor this crown of thorns. You shall not crucify mankind upon a cross of gold.”
Election of 1896► William McKinley (R)
Mark Hanna Outspent Bryan 5 to 1 Benefited from recovering
economy► William Jennings Bryan (D)
Populist rhetoric► Campaign
Bryan’s stump speeches McKinley’s “front-porch”
► Realignment election Ends Third Party System Begins Fourth Party System
► Republican domination