Politics in the Gilded Age

Question 1

Three main themes of the Gilded Age

Answer 1

• Laissez-faire vs. government expansion
• Economic and political corruption
• Formation of modern political and economic norms

Question 2

Who wrote “The golden gleams of the gilded surface hides the cheapness of the metal underneath” and what does it mean

Answer 2

• Mark Twain
• Everything is not as good as it seems

Question 3

How people feel during this time period

Answer 3

They are miserable and want to live elsewhere

Question 4

Coined the term “The Gilded Age”

Answer 4

Mark Twain

Question 5

Why were big businesses allowed to grow/rise (1%)

Answer 5

Lack of regulation

Question 6

Big four - four horsemen of capitalism

Answer 6

• J.P. Morgan (banks and railroads)
• Rockefeller (oil)
• Vanderbilt (railroads)
• Carnegie (steel)

Question 7

Mudslinging

Answer 7

bashing the other candidate in order to make themselves look better

Question 8

Why the presidents were weak

Answer 8

• Elected due to connections instead of actual political strength
• Laissez faire ideology

Question 9

Part of government that the Democrats controlled

Answer 9

The House

Question 10

Democrats consisted of these 5 groups

Answer 10

• White Southerners
• Roman Catholics, Lutherans, Jews
• Immigrants
• Working poor
• Farmers

Question 11

Democrats favored this (opposite of today)

Answer 11

less government involvement = for states rights; limit power of government

Question 12

Republicans consisted of these 5 groups

Answer 12

• Northern Whites
• Businessmen
• African Americans
• WASPs
• Middle class

Question 13

Why African Americans were Republicans

Answer 13

• White southerners/previous slave owners voted for democrats so African Americans wanted to do the opposite
• Lincoln freed them so they supported him/the party
• Do not know much about the politics so they are just loyal to Republicans

Question 14

Who are WASPs and movement associated with them

Answer 14

• White, Anglo, Saxon, Protestants
• Temperance movement (ban of alcohol)

Question 15

Republicans favored this (opposite of today)

Answer 15

government involvement in economic and social issues

Question 16

Part of government that the Republicans controlled

Answer 16

Presidency

Question 17

What the political machine is compared to and why

Answer 17

• gotham city
• Run by bosses that dominated city politics
• People knew exactly who you you voted for
• Very Laissez - Faire Government
• Did very little to control monopolies

Question 18

Sherman-AntiTrust Act 1890 and what it means

Answer 18

• First piece of legislation that government attempted to pass to reign in monopolies
• Small business could sue a big company to get money back

Question 19

Bi-metallism support or “free silver” ratio

Answer 19

16:1 (16 oz silver = 1 oz gold)

Question 20

Coinage Act of 1873 limited/eliminated these 2 things

Answer 20

• limited money supply [amount in circulation]
• eliminated the standard silver currency [bi-metalism]

Question 21

Why “Soft Money” Advocates wanted a little inflation

Answer 21

It helped them repay their debts because it was worth less

Question 22

What soft money advocates called the Coinage Act of 1873

Answer 22

Crime of 73

Question 23

What the Sherman Silver Purchase Act 1890 did and benefits/drawbacks (who supported it)

Answer 23

• U.S. Treasury bought 4.5 million ounces of Silver each month and issued tender
• Benefits: helped farmers pay back their debts and increased the money supply
• Drawbacks: diminished Gold reserves which led to an economic crisis [panic…]

Question 24

What the Financial Panic of 1893 did

Answer 24

• Silver prices dropped
• farmers went bankrupt, farms were sold to pay off debt

Question 25

“Hard Money” Advocates

Answer 25

• bankers, operators of financial institutions, businessmen
• wanted a stable currency that was not subject to inflation

Question 26

“Soft Money” Advocates

Answer 26

• Investors, speculators, people in debt
• favored a loose or soft money policy
• inflation eased their financial burdens

Question 27

The Populist party and what they wanted

Answer 27

• farmers, laborers, and reformers
• Wanted graduated income tax, government ownership of the railroads, telegraph, and telephone, inflation through free/unlimited coinage of silver

Question 28

Republican stance on tariffs and why

Answer 28

• Strongly supported high tariffs
• Feared it would harm profits and make things more competitive if lowered
• Believed that they protected American jobs/industries from foreign competition which was essential for economic growth