Ch. 23: Political Paralysis in the Gilded Age

Economic Depression

business productivity declines, more bankruptcies and foreclosures, more unemployment.

FarmersAlliance

provide the foundation for a new political party that emerges in the 1890s; Gives rise to the Populists.

Grassroots movement

Begun by the everyday people, which is how most change happens.

Overspeculation

Wall Street invests money in stocks that they think will go up, but then they lose value.

Bland Allison Act

Authorized the treasury to buy and coin between 2 and 4 million dollars of silver each month.

Thomas Nast

________ started drawing political cartoons to expose the corruption.

Philosophy

believed in limited government; government shouldnt support people, people should support government.

Currency: Hard vs soft money;

hard money= gold, soft money= currency (greenbacks and silver, because silver= less valuable than gold)

National Identity

Republicans: Midwest and Rural Small- town Northeast, Freedmen in the South, and members of the army.

Initiatives

allow the public to introduce a bill to be considered for law.

Hard money policies

government recognizes currency which is based on an actual, fixed item which is considered valuable.

Inflation

too many dollars chasing too few goods; value of the dollar drops- goods prices increases; it makes it easier to pay off your debt (wages also go up)

Resumption Act

Withdraw greenbacks from circulation (submit paper currency to bank or representative of treasury, theyll give you $ 50 worth of gold), redeem paper currency in gold at face value- people didnt want it.

Compromise of 1877

Terms: Hayes becomes president, Democrats get an end of military reconstruction (troops= withdrawn),

Mugwumps

Republicans who voted for Cleveland because of the disdain they had for Blaines character.

Incumbent

holder of an office or post; office- holder- person who holds office.