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The Revolt of the Debtor 1889-1900
Terms in this set (13)
William Jennings Bryan
This Democratic candidate ran for president most famously in 1896 (and again in 1900). His goal of "free silver" (unlimited coinage of silver) won him the support of the Populist Party. Though a gifted orator, he lost the election to Republican William McKinley. He ran again for president and lost in 1900. Later he opposed America's imperialist actions, and in the 1920s, he made his mark as a leader of the fundamentalist cause and prosecuting attorney in the Scopes Monkey Trial.
Free silver
A short term solution. Wanted to put silver into circulation instead of paper money. However, is was not free because it could cause inflation of prices of goods and deflation of the value of money. Was not put into action because the republican party won the election of 1896
Coxey's Army
In 1894, Jacob S. Coxey, an Ohio businessman and Populist, began advocating a massive public works program to create jobs for the unemployed and an inflation of the currency. "Coxey's army" was a march of the unemployed to the capital to present their demands to the government. It only numbered about 500 when it reached Washington 5: 1865-1900
populist party
supported mainly by farmers in the South and West, the People's party was the successor of the Greenback-Labor party of the 1880s. The party adopted a platform calling for free coinage of silver and the issuance of large amounts of paper currency—inflationary measures that it hoped would ease the financial burdens of the nation's debt-ridden farmers. Its other demands included abolishing the national banking system, nationalizing the railroads, instituting a graduated income tax, electing U.S. senators by direct popular vote, and allowing people to participate directly in government by means of referendum 5: 1865-1900. was the first and only major gain of a third party against the two party system.
Sherman Silver Purchase Act
1890, an act was passed so that the treasury would buy 4.5 million ounces of silver monthly and pay those who mined it in notes that were redeemable in either gold or silver. This law doubled the amount of silver that could be purchased under the Bland-Allison Law of 1878. This caused inflation and allowed the government to pay off their debts with cheaper dollars
Eugene V. Debs
took a leadership role in the Brotherhood of Locomotive Firemen. He spoke out against the 1877 strike. He saw the mission of brotherhood was "not to agonize capital." He opposed strikes because of their confrontational nature, but Debs gained sympathy for the strike as he became more involved in the labor movement.
William McKinley
The twenty-fifth President of the United States, and the last veteran of the Civil War to be elected. By the 1880s, this Ohio native was a nationally known Republican leader; his signature issue was high tariffs on imports as a formula for prosperity, as typified by his McKinley Tariff of 1890. As the Republican candidate in the 1896 presidential election, he upheld the gold standard, and promoted pluralism among ethnic groups. Preventing the bimetalism actually saved the united states economy from total collapse for it was a short sighted policy that would only give superficial improvements.
Injunction
(law) a judicial remedy issued in order to prohibit a party from doing or continuing to do a certain activity, used against laborers in the Pullman strike to stop the labor movement and later used to arrest Debs
Bimetalism
Use
of two metals, gold and silver, for currency as America did with the Bland-Allison Act and the Sherman
Silver Purchase Act. Ended in 1900 with the enactment of the Gold Standard Act. It was a shortsighted attempt to recover the economy from the depression of 1893 although it would not have been very effective in the long run.
Cross of Gold Speech
An impassioned address by William Jennings Bryan at the 1896 Democratic Convention, in which he attacked the "gold bugs" who insisted that U.S. currency be backed only with gold. Managed to gain the favor of the Democratic party after they lost their confidence in Harrison.
Homestead Strike
It was one of the most violent strikes in U.S. history. It was against the Homestead Steel Works, which was part of the Carnegie Steel Company, in Pennsylvania in retaliation against wage cuts. The riot was ultimately put down by Pinkerton Police and the state militia, and the violence further damaged the image of unions.
Pullman Strike
This was a nonviolent strike which brought about a shut down of western railroads, which took place against the Pullman Palace Car Company in Chicago in 1894, because of the poor wages of the Pullman workers. It was ended by the president due to the interference with the mail system, and brought a bad image upon unions.First notable use of injunctions
Gold Standard Act
1900 - This was signed by McKinley. It stated that all paper money would be backed only by gold. This meant that the government had to hold gold in reserve in case people decided they wanted to trade in their money. Eliminated silver coins, but allowed paper Silver Certificates issued under the Bland-Allison Act to continue to circulate.
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