Chapter 26 – Part Chapter 26 – Part IIIIII (pgs. 614-621) (pgs. 614-621)Wrap-up of Cleveland’s 2Wrap-up of Cleveland’s 2ndnd Term Term

&&

The “Free-Silver” Election of 1896The “Free-Silver” Election of 1896

Grover Cleveland’s 2Grover Cleveland’s 2ndnd TermTerm** ** The Panic of 1893The Panic of 1893

-The “Revolt of the Debtor”-The “Revolt of the Debtor”

**** The demands of The demands of Coxey’s Army:Coxey’s Army:

1) an inflationary 1) an inflationary publicpublic worksworks program supported by $500,000,000 in program supported by $500,000,000 in paper.paper.

- took this demand to - took this demand to Washington Washington in 1894. in 1894.

Grover Cleveland’s 2Grover Cleveland’s 2ndnd Term: cont.Term: cont.

** ** The Pullman Strike of 1894The Pullman Strike of 1894 Eugene Debs (American Railway Union – 150,000 Eugene Debs (American Railway Union – 150,000

members)members) 1/3 wage cut but rent stayed the same for the company 1/3 wage cut but rent stayed the same for the company

town houses in Chicago.town houses in Chicago. U.S. Attorney General Richard Olney urges the U.S. Attorney General Richard Olney urges the

dispatch of federal troops. Justified this by claiming dispatch of federal troops. Justified this by claiming that strikers were interfering with the transit of the U.S. that strikers were interfering with the transit of the U.S. Mail (Pres. Cleveland agreed)Mail (Pres. Cleveland agreed)

The troops crushed the strike and Debs was sentenced The troops crushed the strike and Debs was sentenced to 6 months in jail for violating a federal court to 6 months in jail for violating a federal court injunctioninjunction to end the strike (1 to end the strike (1stst ever gov’t use of an ever gov’t use of an injunction to stop a strike.)injunction to stop a strike.)

The Free-Silver Election of The Free-Silver Election of 18961896 Monetary policyMonetary policy, whether to maintain the , whether to maintain the

gold standard or inflate the currency with gold standard or inflate the currency with silver, loomed as the silver, loomed as the keykey political issue. political issue.

The Candidates:The Candidates:

William McKinleyWilliam McKinley (Repub. from Ohio) (Repub. from Ohio)

vsvs

William Jennings BryanWilliam Jennings Bryan (Dem. from Neb.) (Dem. from Neb.)

William McKinleyWilliam McKinley

Got his financial support from wealthy Got his financial support from wealthy Ohio businessman Ohio businessman Mark HannaMark Hanna (the (the “president maker”)“president maker”)

Amassed the largest campaign chest in Amassed the largest campaign chest in U.S. history up to that time ($16,000,000)U.S. history up to that time ($16,000,000)

Was Was pro-goldpro-gold & & pro-tariffpro-tariff

William Jennings BryanWilliam Jennings Bryan

Young (only 36 yrs. old)Young (only 36 yrs. old) Pro-silver (His platform demanded inflation through the Pro-silver (His platform demanded inflation through the

unlimited coinage of silver at the ratio of 16 oz. of silver unlimited coinage of silver at the ratio of 16 oz. of silver to 1 oz. of gold even though the market ratio was to 1 oz. of gold even though the market ratio was actually 32 to 1. This meant that $1 in silver was actually 32 to 1. This meant that $1 in silver was actually only worth 50 cents.) ** This platform actually only worth 50 cents.) ** This platform absorbed the Populist Party.absorbed the Populist Party.

Raised a $1,000,000 campaign chestRaised a $1,000,000 campaign chest Delivers the “Delivers the “Cross of Gold SpeechCross of Gold Speech” in which he tells ” in which he tells

McKinley that “you shall not crucify mankind upon a McKinley that “you shall not crucify mankind upon a cross of gold.”cross of gold.”

The Results & The Results & SignificanceSignificance

Why did most “wage slaves” support McKinley?Why did most “wage slaves” support McKinley? McKinley wins 271-176.McKinley wins 271-176. The outcome was a resounding victory for big The outcome was a resounding victory for big

business, big-cities, middle-class values, and financial business, big-cities, middle-class values, and financial conservatism.conservatism.

Bryan’s defeat marked the Bryan’s defeat marked the lastlast serious attempt to win serious attempt to win the White House with mostly rural (agrarian) votes.the White House with mostly rural (agrarian) votes.**** The future of presidential politics clearly did not lay **** The future of presidential politics clearly did not lay on the dwindling farm population , but instead with the on the dwindling farm population , but instead with the rapidly growing cities.rapidly growing cities.

Turning the Economic Corner Turning the Economic Corner in 1897in 1897

Farm prices began to rise.Farm prices began to rise. Industry began to flourish.Industry began to flourish. Huge gold deposits in Canada’s Klondike Huge gold deposits in Canada’s Klondike

region, Alaska, South Africa, & Australia region, Alaska, South Africa, & Australia brought about huge supplies of gold onto brought about huge supplies of gold onto world markets and along with it, the world markets and along with it, the moderated inflation that debtors had moderated inflation that debtors had been looking for.been looking for.