Re: Politics in the Gilded Age
Panic of 1873 Financial crisis that triggered a depression, resulting in deflation under Pres. Grant Farmers + miners: wanted inflation introduce silver to achieve that - Conservatives, afraid of inflation, instituted deflationary policies (Bland-Allison Act of 1873) actually making the situation worse Money Issue Biggest Political Issue Moving Forward - Greenback Labor Party + Populist Party = to increase money supply - Election of 1896 would prove boiling point
Panic of 1873 One of the longest protracted economic downturns in US history; will affect laborers and their unionization moving forward Causes: - Overproduction of RR s, mines, factories, etc. - Bankers made too many risky loans Effects: Debate over hard currency vs. greenbacks - Debtors wanted greenbacks. Why? Paper $, inflation decreased value - Lenders wanted hard currency. Why? Hard $, not affected by inflation, increased value VS
Politics of the Gilded Age Parties Party differences blur and loyalties are determined by region, religion, and ethnicity; voter turnout high. Pro-business Opposed to economic reform/radicalism Sound currency for status quo of financial system Government Tended to do very little while the House was dominated by the Democrats and the Senate dominated by the Republicans. Republican Splinters Stalwarts: believed in patronage Halfbreeds: wanted civil service reform Mugwumps: voted Democrat in 1884...
Populist Party Omaha Platform (1892) written by Ignatius Donnelly (Congress 3x) - Free and unlimited coinage of silver (at ratio of 16/1 - to stimulate inflation) Context: Gold Standard (1873): amount of money in circulation is limited by the amount of gold held in the treasury deflation crop $ decrease - Graduated income tax (to redistribute wealth) Nationalize (of the telephone/telegraph, RR) Initiative, reform, recall Postal savings banks (safe repository run by gov t) Direct election of senators Subtreasury plan not included; had been defeated Kansas should raise less corn, more hell Legacy = Failure Populism failed as a 3rd party cause but had a political influence for 25 years beyond the 1896 election.
Populist Ideas A memory aid Fried Free unlimited coinage of silver Green Graduated income tax Gummy Government ownership of RRs bears Invade Initiative Really Really Dorky Silly People Referendum Recall Direct election of Senators Subtreasury plan Postal savings banks
Panic of 1893 An economic depression (worst in century) under President Cleveland Causes: - Stock-market crash + over-speculation + overproduction + no money supply - Free Silver agitation damaged US credit abroad called in loans, withdrew their capital Results: - 20% unemployment in 93-94 winter; 8,000 businesses collapsed Federal budget deficit Gold reserves fell below $100m, regarded as safe minimum of $350 in curr. Pres. Cleveland repeals the Sherman Silver Act (1890) - Increase tariffs (what East wanted) + doubled silver (what West wanted)
Populism and The Wizard of Oz
The Election of 1896 & The Wonderful Wizard of Oz L. Frank Baum - Moved to SD in 1887 - Witnessed the end of the frontier and the growth of the Populist party - Saw Western farmers hardship - Took part in the election of 1896 on the side of Bryan and free silver - Was a populist activist...wrote the Wonderful Wizard of Oz in 1900.
Dorothy (and Toto) Everyman of the West; seen as pure and likeable
Wicked Witch of the East Eastern industrialists and bankers who controlled the people (the Munchkins).
Tin Man the dehumanized industrial worker.
Scarecrow the wise but naive western farmer.
The Cowardly Lion William Jennings Bryan, Populist presidential candidate in 1896, with a big roar and no bite
Yellow Brick Road (with all its dangers) represented the gold standard
Dorothy s Silver (Red) Slippers the Populists' solution to the nation's economic woes ("the free and unlimited coinage of silver"); or soft money - no one knows how to use their power
Emerald City Washington DC, where leaders reside and people look for significant change in their life.
The Wizard William McKinley who tried to be all things to everyone, but turned out to be a fake
Munchkins represented child workers
Wicked Witch of the West harsh frontier environment (tornadoes, drought), which water killed
Flying Monkeys the Native Americans who are controlled by the Western powers (Wicked Witch)
Good Witch of the North/South (Glinda) the Populists in the Midwest-North and South
Election of 1896 Battle over gold and silver Republican - William McKinley (Gold) - Ohio Civil War vet; Longtime member of Congress McKinley gains votes from industrial workers Democrat - William Jennings Bryan (Silver) - Boy orator of the Platte ; Nominated 3x for Pres. Populists split over support for Bryan You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold!
Populism s Legacy If the populists lost, was it still considered a success? Failure: Gold Standard Act (1900): Confirmed the nation s commitment to the gold standard Success: 16th Amendment (1913): graduated income tax 17th Amendment (1913): direct election of senators Initiative & Referendum (Progressive Era, state by state) Australian Ballot (1892, state by state)