National Grange Movement 1868
Organized by Oliver H. Kelley as social and educational organization for farmers and their families.
Interstate Commerce Act of 1886
Was the first federal effort by the Congress in response to the outcry of farmers and shippers. Required railroad rates to be "reasonable and just."
Wabash v. Illinois
Supreme court ruling that states could not regulate interstate commerce
organization founded in late 1870s; worked for lower railroad freight rates, lower interest rates, and a change in the governments tight money policy
the potential of the farmers' alliances became reality in 1890 when a national organization of farmers met in Ocala, Florida, to address the problems of rural America,.
national alliance met here to address problems of rural farmers, attack parties/bankers/business, support direct election of senate, lower tariffs
Panic of 1893
Began due to rail road companies over-extending themselves, causing bank failures. Was the worst economic collapse in the history of the country until that point, and, some say, as bad as the Great Depression of the 1930s.
The party opposed the shift from paper money back to a specie-based monetary system because it believed that privately owned banks and corporations would then reacquire the power to define the value of products and labor. Conversely, they believed that government control of the monetary system would allow it to keep more currency in circulation, as it had in the war
Populist Party 1892
U.S. political party representing mainly farmers, favoring free coinage of silver and government control of railroads and other monopolies
Sherman Silver Purchase Act
Required the government to purchase an additional 4.5 million ounces of silver bullion each month for use as currency.
political agenda adopted by the populist party in 1892 at their Omaha, Nebraska convention. Called for unlimited coinage of silver (bimetallism), government regulation of railroads and industry, graduated income tax, and a number of election reforms.
William Jennings Bryan 1896
Politician who ran for president 3 times under Democrats, was a pro-silverite and Populist leader
Cross of Gold Speech
An impassioned address by William Jennings Bryan at the 1896 Democratic Convention, in which he attacked the "gold bugs" who insisted that U.S. currency be backed only with gold.
William McKinley 1897-1901
25th president responsible for Spanish-American War, Philippine-American War, and the Annexation of Hawaii, imperialism. Is assassinated by an anarchist. He was a republican.
1870s - 1890s; time period looked good on the outside, despite the corrupt politics & growing gap between the rich & poor
a railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical., made his fortune in steamboating, he expanded older eastern railroads, replacing iron with steel rails
opened west to miners and open range ranching
United States financier who gained control of the Erie Canal and who caused a financial panic in 1869 when he attempted to corner the gold market (1836-1892)
Panic of 1893
Began due to rail road companies over-extending themselves, causing bank failures. , Economic panic resulting from a series of bank failures and gold-running on the US Treasury
Banker who buys out Carnegie Steel and renames it to U.S. Steel. Was a philanthropist in a way; he gave all the money needed for WWI and was payed back. Was one of the "Robber barons"
Cornelius' son who inherited the railroad empire worth millions and doubled it, Inherited his father's transportation empire. Responded to critics by saying "the public be damned."
Second Industrial Revolution
1850-1914, Steep growth in industry and the production of steel, petrolium, electric power, and the machinery to produce other goods
bought out by banker JP Morgan and renamed U.S. Steel; used vertical integration by buying all the steps needed for production. Was a philanthropist. Was one of the "Robber barons"
a corporate expansion strategy that involves controlling each step in the production and distribution of a product, from acquiring raw materials to manufacturing packaging and shipping
Carnegie sold his company in 1900 for over 400 million to a new steel combination headed by JP Morgan. The new corporations, United States Steel, was the first billion dollar company and also the largest enterprise in the world, employing 168,000 people and controlling over 3/5th of the nations steel business
Creator of the Standard Oil Company who made a fortune on it and joined with competing companies in trust agreements that in other words made an amazing monopoly.
Standard Oil Trust
Rockefeller's company, in 1881, owned 90 percent of the oil refinery business, with a board of trustees at the head
term for allying with competitors to monopolize a given market, combining many firms engaged in the same type of business into one large corporation
Sherman Antitrust Act 1890
First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting.
Attitude of allowing things to take their own course without interfering; a policy based on the idea that government should play as small a role as possible in the ecomony