Unit 2 Exam Ch. 20B Plutocracy

Question 1

how many labor strikes between 1870 and 1900

Answer 1

over 35,000 (PA and IL)

Question 2

Pivotal Election of 1896 about

Answer 2

William McKinley-goldbugs (rich to retain value) vs William Jennings Bryan-silverbugs (farmers-prosperity comes back)—McKinley wins

Question 3

Depression timeline/# businesses and bank failures

Answer 3

5 yrs/1893-1898-15,000 businesses and 600 banks

Question 4

Dominant natl political party after Mckinley wins 1896 and for how long

Answer 4

Republicans for the next 30 yrs/stays gold standard

Question 5

plutocracy

Answer 5

Ruled by the rich

Question 6

soft vs hard money

Answer 6

free coinage of silver vs gold standard

Question 7

What was the “run on the banks”

Answer 7

Panic to take your money out of the banks.

Question 8

Famous speech by William Jennings Bryan (silverbug)

Answer 8

“Cross of Gold” “you shall not crucify mankind on this cross of gold.”

Question 9

Who was Eugene Debs

Answer 9

Father of American Socialism/ran for president 5 times

Question 10

% unemployed during depression

Answer 10

20% of workforce

Question 11

Sherman Silver Purchase Act 1890 (two aspects)

Answer 11

1. Monthly US treasury purchase of silver 2. Paper money issued by Treasury redeemable in gold OR silver

Question 12

Jacob Coxey/Coxey’s Army (1894) famous for

Answer 12

First ever march on Washington lead by Jacob Coxey

Question 13

Panic of 1893

Answer 13

Treasury’s gold supply depleted by Sherman Act, leading to severe natl economic depression

Question 14

Significance of the 1896 election

Answer 14

The US is now a Modern State (urban industrial)