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Chapter 28

Chapter 28. Revolt of the Debtor 1889-1900. Election of 1888. Harrison (R) vs. Cleveland (D) Harrison is for high protective tariff. Harrison wins and enters the Billion Dollar Congress. Billion Dollar Congress. McKinley Tariff of 1890 - raises tax on foreign products to 48%

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Chapter 28

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  1. Chapter 28 Revolt of the Debtor 1889-1900

  2. Election of 1888 • Harrison (R) vs. Cleveland (D) • Harrison is for high protective tariff. • Harrison wins and enters the Billion Dollar Congress

  3. Billion Dollar Congress • McKinley Tariff of 1890- raises tax on foreign products to 48% • Gave monthly pensions to Civil War Vets, widows, and children • Sherman Anti-Trust Act – weak attempt to prevent monopolies • Sherman Silver Purchase Act – compromise between the E and W. Raises tariffs but increase coinage of silver

  4. Populist (People’s Party) • Created by the Farmer’s Alliance movement • Met in Omaha, Nebraska in 1892 • Believed the power was in the hands of trusts and bankers

  5. Populist Platform 1) wanted free and unlimited coinage of silver 2) graduated income tax 3) govn’t ownership of telephone, RR, telegraph 4) Labor rights and an 8 hour day 5) Direct popular election of Senators rather than by appointment or political machine

  6. Important info • Gold benefits the wealthy • Farmers want silver to create inflation • Ex: A farmer takes out a loan for $3,000. If wheat is sold at $1/bushel, he must sell 3,000. If inflation kicks in and raises the price of wheat to $3 a bushel, he will only have to sell 1,000 bushels to pay his loan back

  7. Election of 1892 • Cleveland wins again. (Cleveland  Harrison  Cleveland) Cleveland (Dem) Harrison (Rep) Weaver (Populist)

  8. Panic of 1893 • Lasted for 4 years. First large scale depression. • Wide-spread distress • Gold Treasury is being drained so President Cleveland repeals the Sherman Silver purchase Act (angers farmers) • Gold drops from 100 million to 41 million. It could cripple international trade. • Cleveland borrows $65 million from JP Morgan and people see him as a sell-out

  9. Pullman Strike

  10. Eugene Debs leads the Pullman Strike • *Debs, a labor worker, revolts against Pullman town rent when their pay got slashed 1/3 • Overturned RRs. Cleveland dispatched troops b/c it disrupts mail. • He did not receive a trial. Populist angry because violence is used against such an honest cause.

  11. Election of 1896 • McKinley (Rep): gold standard • William Jennings Bryan (Dem/Populist): bimetallism

  12. MARCUS HANNA • Was McKinley’s right hand man who purchased his victory • Raised over $16 million for the campaign while Bryan only raised $1 million. • Campaigned against Silver • Believed the prime function of govn’t was to help business.

  13. “Cross of Gold” Speech “You shall not press down upon the brow of labor this crown of thorns. You shall not crucify mankind on a cross of gold.”

  14. I came out to the plains Where i know it don't rain Tried to make my big bucks But now I'm in a rut Used all my money towards this and now I'm cuffed at the wrist by shipping, storage fees the railroads killin' me

  15. We can't embrace this Rip Jeans, Sunburned faces Hot drought, lonely places I say we need a potluck! Hey, all you farmers, this debt is crazy! So vote for silver and don't be lazy It's hard to pay rent with all my debt So vote inflation and make your payments!

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