Politics in the Gilded Age Flashcards
Three main themes of the Gilded Age
- Laissez-faire vs. government expansion
- Economic and political corruption
- Formation of modern political and economic norms
Who wrote “The golden gleams of the gilded surface hides the cheapness of the metal underneath” and what does it mean
- Mark Twain
- Everything is not as good as it seems
How people feel during this time period
They are miserable and want to live elsewhere
Coined the term “The Gilded Age”
Mark Twain
Why were big businesses allowed to grow/rise (1%)
Lack of regulation
Big four - four horsemen of capitalism
- J.P. Morgan (banks and railroads)
- Rockefeller (oil)
- Vanderbilt (railroads)
- Carnegie (steel)
Mudslinging
bashing the other candidate in order to make themselves look better
Why the presidents were weak
- Elected due to connections instead of actual political strength
- Laissez faire ideology
Part of government that the Democrats controlled
The House
Democrats consisted of these 5 groups
- White Southerners
- Roman Catholics, Lutherans, Jews
- Immigrants
- Working poor
- Farmers
Democrats favored this (opposite of today)
less government involvement = for states rights; limit power of government
Republicans consisted of these 5 groups
- Northern Whites
- Businessmen
- African Americans
- WASPs
- Middle class
Why African Americans were Republicans
- 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
Who are WASPs and movement associated with them
- White, Anglo, Saxon, Protestants
- Temperance movement (ban of alcohol)
Republicans favored this (opposite of today)
government involvement in economic and social issues
Part of government that the Republicans controlled
Presidency
What the political machine is compared to and why
- 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
Sherman-AntiTrust Act 1890 and what it means
- First piece of legislation that government attempted to pass to reign in monopolies
- Small business could sue a big company to get money back
Bi-metallism support or “free silver” ratio
16:1 (16 oz silver = 1 oz gold)
Coinage Act of 1873 limited/eliminated these 2 things
- limited money supply [amount in circulation]
- eliminated the standard silver currency [bi-metalism]
Why “Soft Money” Advocates wanted a little inflation
It helped them repay their debts because it was worth less
What soft money advocates called the Coinage Act of 1873
Crime of 73
What the Sherman Silver Purchase Act 1890 did and benefits/drawbacks (who supported it)
- 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…]
What the Financial Panic of 1893 did
- Silver prices dropped
- farmers went bankrupt, farms were sold to pay off debt
“Hard Money” Advocates
- bankers, operators of financial institutions, businessmen
- wanted a stable currency that was not subject to inflation
“Soft Money” Advocates
- Investors, speculators, people in debt
- favored a loose or soft money policy
- inflation eased their financial burdens
The Populist party and what they wanted
- farmers, laborers, and reformers
- Wanted graduated income tax, government ownership of the railroads, telegraph, and telephone, inflation through free/unlimited coinage of silver
Republican stance on tariffs and why
- 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
