Tariffs and Economic Growth Tariffs provided the bulk of treasury revenue

Tariffs and economic growth tariffs provided the bulk

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Tariffs and Economic Growth Tariffs provided the bulk of treasury revenue Tariff income erased the debt from the Civil War and generated huge budget surpluses Democrats argued that tariffs taxed American consumers by denying them access to low cost imported goods Republicans claimed that tariffs benefited workers because they created jobs, blocked low-wage foreign competition and safe-guarded America from industrial poverty Men could earn enough to support their families Wives could devote themselves to home- making children could go to school and not the factory Actual benefits of the tariffs Economic growth Transformed the United States into a global industrial power Actual downfalls Had not prevented industrial poverty Corporations gained lots of money but the workers never saw that money, despite the long hours they worked The Role of the Courts Munn v. Illinois (1877) Supreme Court affirmed that states could regulate key businesses Railroads & grain elevators The justices feared that too many state and legal regulations would impede business and fragment the national marketplace Starting in the 1870s, the “due process” from the 14th amendment was being put into place. Peones A lot of land in New Mexico and Arizona were in the
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Gold standard: paper notes from the Bank of England could be backed by gold held in bank’s vaults Homestead Act: gave 160 acres of federal land to any applicant who occupied and improved the property Morrill Land Grant Act: hands of Mexican farmers They lived as peones Under long-standing agreements with landowners who held large tracts originally granted by the Spanish crown Congress set up a special court to rule on land tiles Mexican-Americans lost about 64% of the contested lands Santa Fe Ring Much land was sold or appropriated through legal machinations like this notorious cabal of politicians and lawyers Displacement of thousands of Mexican American villagers and farmers Some found work as railroad builders or mine workers Others developed sheep raising as a major enterprise Silver and Gold European policymakers sought new ways to rationalize markets Governments agreed that money should be based on gold because it has a higher value than any other type of money Great Britain had a gold standard During the 1870s and 1880s, the US, Germany, France and other countries converted to using gold money Before this, they used both gold and silver coins
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