Politics of the Gilded Age vast fortunes urbanization rise of big business.
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Transcript of Politics of the Gilded Age vast fortunes urbanization rise of big business.
“Gilded Age”
Term coined by Mark Twain for the time period between 1877-1900
Referred to the superficial glitter of the new wealth
Era of “Forgettable”Presidents
Era of mostly show with little substance
None of the presidents served two consecutive terms
Politicians ignored problems arising from the growth of industry and cities
Two political parties avoided to taking a stand on controversial issues
Limited Government
“do little” governmentLaissez faire capitalism
Social Darwinism
Federal courts narrowly interpreted the government’s power to regulate business
Limited impact of the few regulatory laws passed by Congress
Campaign Strategy
Closeness of electionsDemocrats won only 2 presidencies by electoral vote (4 by popular vote)
1889-1891 Republicans were in control of both houses and the presidency
The objective was to get out the vote not alienate voters
Campaigns
Characterized by big brass bands, flags, buttons, picnics, free beer, and speeches
80% of the eligible voters voted – higher than elections in the 20th or 21st century
Ideologies
RepublicansSupported an economic program of high protective tariffs for business
Democrats States’ rights and limited powers for the federal government
Party Patronage
Neither party had an agendaThis era was chiefly a game of gaining office, holding office, and providing government jobs to the party faithful
Republicans like Senator Roscoe Conkling and his supporters became known as the “Stalwarts”
This era is considered a low point in American politics
Presidential Politics
Administrations of Hayes, Garfield, and Arthur reflected political
stalemate and patronage problems of time period
Rutherford B. Hayes
“Your Fraudulency”
Most significant act – ending reconstruction
Attempted to reestablish a honest government
Temperance reformers – wife “Lemonade Lucy” cutoff liquor in the White House
James Garfield
First few weeks in office he was besieged by 100,000 republicans wanting government jobs
Assassinated by a deranged office seeker
Chester A. Arthur
Distanced himself from “Stalwarts”
Reformed civil serviceFederal employees could not be required to donate to political campaigns or be fired for political reasons
Approved the development of the modern navy
Money Issue
Expand money supply?Growing tension between the “haves” and the “have-nots”Bankers, creditors, investors, and established businesses stood firm – gold standardDebtors, Farmers, and start up businesses wanted more $$ in circulation
Borrow money at lower interest ratesPay off their loans easier with inflated dollars
Greenback Party
Supporters of paper money not backed by specie (gold or silver)
Goal – increase the money supplyPaper money was issued by the federal government in 1860 as an emergency measure for financing the Civil War – Northern farmers associated high prices rec’d during the war with prosperity
Tariff Issue
Farmers and Capitalists disagreed over tariff rates on foreign importsRepublican Congress enacted high tariff to protect American businessDemocrats argued the tariff raised the price of consumer goodsResult – Nations retaliated by placing taxes of their own on U.S. farm products
Grover Cleveland (1st Term)
Believed in limited government – JeffersonInterstate Commerce Act of 1887-
First attempt to regulate business
Dawes ActBenefit Native Americans
Retrieved 81 million acres of land from ranchers and railroads
Election of 1888
Big Issue – Tariff QuestionRepublicans- Benjamin Harrison- high tariff- played on the fears of people that a low tariff would wreck business prosperity- rallied workers and big business
Democrats- Grover Cleveland – low tariff
Close election – Cleveland won popular vote, but Harrison swept the North
Billion Dollar Congress
McKinley Tariff of 1890- raised the tax on foreign products – 48%
Increased monthly pension to Civil War vets
Sherman Antitrust Act – outlawing combinations in restraint of trade
Sherman Silver Purchase Act of 1890-increased the coinage of silver in small amounts – pacify farmers
Rise of the PopulistsAlliance movement provided the foundation of a new political party – Populists or People’s PartyPlatform
Direct election of SenatorsEnacting state laws by voters – through referendums placed on ballotsUnlimited coinage of silver to increase money supplyGraduated income taxPublic ownership of RR’s by governmentTelephone and telegraph owned and operated by governmentLoans and federal warehouses for farmersEight hour work day for industrial workers
Election of 1892
Rematch between Harrison and Cleveland
Cleveland won mainly because of the high tax rate of McKinley Tariff – only president to serve non-consecutive terms
Harrison
Panic of 1893
Stock Market crashed as a result of over speculation
Dozens of RR’s went bankrupt
Farm foreclosures reached new highs
Unemployment reached 20%
Gold Reserve and Tariff
Decline in silver prices encouraged investors to trade silver dollars for gold dollars
Cleveland repealed Silver Act of 1890
President turned to J.P. Morgan to borrow $65 million in gold to support the gold standard
Jobless on the March
As the depression worsened – conservatives feared class war between capital and labor
Coxey’s Army – a march to Washington in 1894 by thousands of unemployed
The “army” demanded federal government spend $500 million on public works to create jobs
Coxey and other protest leaders were
arrested for trespassing and the dejected
“army” left for home