| Term | Definition |
|---|
| Benjamin Harrison (1833-1901), Billion Dollar Congress, Czar Reed | Harrison: Republican, ran against Cleveland, became the 23rd president. Billion Dollar Congress: The first session where Congress spent over $1 billion. Czar Reed: The nickname of Thomas Braket, Speaker of the House 1889-1891. He tried to increase the power of the Speaker. |
| McKinley Tariff | A highly protective tariff passed in 1880. So high it caused a popular backlash which cost the Republicans votes. |
| Election of 1892: candidates, issues | Democrat - Grover Cleveland and V.P. Adlai E. Stevenson - 5,554,414 popular; 227 electoral votes. Republican - Benjamin Harrison and V.P. Whitecar Reed - 145 electoral votes. National Prohibition Convention - John Brownwell and V.P. James B. Cranfil. Socialist Labor Convention - Simon Wing and V.P. Charles H. Machett. Republicans wanted a high protective tariff, but Democrats opposed it. Democrats secured a majority in both houses. |
| Morgan bond transaction | John Pierpont Morgan took over the Susquehanna and Albany railroads. He won the confidence of European investors and used them for investment capital. He then took over steel companies and bought Carnegie's interests in steel. This was the largest personal financial transaction in U.S. history. Morgan combined the companies to form the U.S. Steel Company, the world's first billion dollar corporation. Eased the Panic of 1873. |
| Wilson - Gorman Tariff | Meant to be a reduction of the McKinley Tariff, it would have created a graduated income tax, which was ruled unconstitutional. |
| Laissez-faire | A theory that the economy does better without government intervention in business. |
| Adam Smith, The Wealth of Nations | Promoted laissez-faire, free-market economy, and supply-and-demand economics. |
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