wed 8 27 hist notes

wed 8 27 hist notes - Presidential politics. Corruption....

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Presidential politics. Corruption. Garfield’s assassination. Inflation begins to set in. There are people, especially industrialists who are trying to lobby and do whatever they can to get this tariff reduced and to try to get some relief from it. This leads into the issue of free silver. The tariff reform, the regulation that takes place, the regulation of the trusts, all of that begins to stir things up in the economy again and one of things that happens is that we begin to reevaluate our monetary system again. In the civil war times, in order for there to be enough money to circulate, the gov’t started to print greenbacks. You used to be able to break your coins up- two bits. You could use a portion of it to buy what you needed. The weight of the silver or gold was what was measured. Because silver and gold was hard to come by during the civil war time they started to print greenbacks. Out west, in the meantime, there’s this mining process that’s developed and because of the mining of silver there was a want to promote the use of silver. One side wanted to establish gold as being the only standard that we use. The other side wanted to eliminate the gold standard b/c gold coins were increasingly harder to come by, and silver was now something that those who were wining wanted to get more of. Congress gets involved. The argument comes up that the minting of the coins and the printing of the greenbacks is easier. Congress votes to stop buying and minting gold silver in favor of continuing to print silver money. For those who promote the silver this is the crime of ’73 (1873). This actually leads to more inflation, and it leads to a conflict between those who are promoting the use of silver and have vested interest in the silver industry and those who really wanted to follow the gold standard. In 1887 Congress passes the Interstate commerce act and creates the interstate commerce commission, and it emerges as one of the first two major acts that will regulate industry. Today they regulate trucking. In 1887 its to regulate the railroads. Sherman Antitrust act. What year? This is the first that actually regulates business industries and entities. This is the first of several modifications to the Sherman antitrust. The supreme court steps in and using the 14 th amendment guts the Sherman antitrust act. By 1893 there is an economic depression and a panic. US has never experienced anything like this before. US finds itself on the verge of bankruptcy. The surplus just evaporates. Certain things happened including corruption that caused the treasury to all but evaporate. J.P. Morgan comes to President Grover Cleaveland and offers him a proposal and says that his group of friends and he should go to Europe and purchase gold to bring back to the treasury. Newspapers say that Cleaveland and Morgan and the fellow industrialists profited from
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/22/2008 for the course HIST 2112 taught by Professor Papageorge during the Fall '07 term at Kennesaw.

Page1 / 5

wed 8 27 hist notes - Presidential politics. Corruption....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online