Monetary policy when prices fell after the civil war

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Unformatted text preview: lers, and business types who liked low tariffs. As for the Republican Party, there were the: Stalwarts – led by NY Senator and party boss Conklin, heavy reliance on spoils system Half-Breeds – led by Blaine, supposed idealists but really just out of power Mugwumps – true idealists, tended towards Democratic side 150 - On a broader level, the Gilded Age resulted in three main things: the rise of special interests, some major legislative accomplishments, and the continuation of political exclusion for minorities/women. *The Main Issues of Gilded Age Politics* - Some key legislation was passed during the Gilded Age, mainly relating to the following issues… 1. Sectional Issues – yes, the Civil War was still a problem, and both sides continually blamed e/o for the war and tried to invoke war memories for their own advantage. This led to a super costly veterans’ pension thing. 2. Civil Service Reform – reformers began to advocate civil service reform (promotion based on merit rather than on party loyalty) as a means of restricting corruption. In 1881 the National Civil Service Reform League was formed, and in 1882 the Pendleton Civil Service Act was passed, which created the Civil Service Commission to oversee exams for positions for 10% of jobs. This was only the beginning, though, b/c the Constitution still stopped state corruption from being restricted. 3. Railroad Regulation – to kill competition, RRDs developed several nasty habits: raising and lowering rates, making pricing dependent on competition rather than on distance, and playing favorites for big corporations. Farmers demanded regulation, resulting in commissions in 14 states by 1880. Munn v. Illinois reinforced the state regulation deal, but the 1886 Wabash case 151 4. 5. showed states couldn’t regulate interstate lines. In 1887, though, the Interstate Commerce Act was passed, which created the ICC to investigate RRD practices but didn’t provide for its enforcement – so the pro-business SC limited its powers through the Maximum Freight Rate case (1897 – ICC can’t set rates) and the Alabama Midlands case (1897 – RRDs can g...
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