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Created a new national banking system with twelve regional Federal Reserve Banks. All national banks became members of the new Federal Reserve System. Each member had to subscribe 6 percent of its capital to the federal reserve bank and deposite a portion of tis reserve there. |
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Stock Market dropped 50%
Many banks began to declare bankruptcy, spiral effect
Progressive reformers believed that the U.S. banking system was fragile |
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Promoted Protection Tarrifs, Promoted big business, went to Europe to observe the Centrabl bank system that was in use. Helped to create The Federal Reserve Act of 1913 |
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Gave the Interstate Commerce Commision more legal ground to set max freight rates, immediately made railroads much less profitable, and there was a rapid decrease in railroad stocks which led to the panic of 1907 |
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The Sherman Anti-Trust Act of 1890 |
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Required the United States Federal government to investigate and pursue trusts, companies, and organizations suspected of violating the act. First statute to limit Monopolies and Cartels. |
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Supporter of Big Business, Wall street Relected in 1900
assasinated by Leon Frank Czolgoz |
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The Antracite Coal Strike of 1902 |
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Demanded Recognition of their labor unions, 20% pay increase 8 hour day.
Got
10% increase in pay, 9 hour day. |
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The Settlement House Movement |
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Houses built in poor areas, Middle/Upper class volunteers would live in these houses and perform outrach programs to their neighbors. |
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Famous leader of settlement house movement, came from a wealthy background, and her father owned several banks. Also Developed Hull House that educated recently arrived immigrants from europe |
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Wrote The Jungle; followed the lives of urban workers to reveal bad conditions in the meat packing industry, book led to the Pure Food and Drug Act of 1906 |
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Critical of Standard Oil, Wrote History of the Standard oil Company (1904) |
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People who raked up filth to demonstrate poor life. They brought attention to the horrible life of poverty. |
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Studied Sumner, yet rejected his ideas, believed social Darwinism was also wrong. He wrote The Theory of Leisure(1899) |
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1st President of American Sociological Organization, fierce opposition towards social Darwinism, wrote the book Dynamic Sociology (1883) |
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American Philosopher: founder of modern Sociology, "Survival of the fittest" stated in his book Folkways (1906) |
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Father of Social Darwinism, created the saying "survival of the fittest", created a modern liberalism. |
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Humans compete in a struggle for existence, The weak, dumb, and slow people would die off. As a result, society would benefit and humanity would be better off. |
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On The Origin of Species (1859) |
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Darwin Introduced the idea of Evolution(slight variations within every species) |
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Popularized the idea that organisms change over time, discovered conclusion based on a 2 year voyage around the world on the HMS Beagle |
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Theodore Roosevelts 16 battle ships containing 14,000 men, followed by support vessels to circumnavigate the world to display the power |
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Expansion of the Monroe Doctrine that said the US asserted the right to use force in Carribean and central Americas to Prevent European Nations from using Military |
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Influenced by Mahan's book, leader of the rough riders. Became president in 1900 after assasination of McKinley |
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Wrote The Influence of Sea Power Upon History which recommends
1. The construction of a canal
2. Expand the navy
3. Establish military/trading post in the Pacific |
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General Valeriano Weyley aka Weyley the "Butcher" put 300k Cubans into work camps and America did not like this. Ontop of that the USS Maine was blown up and America Blamed it on The Spanish. "Remember the Main"
Outcome is Spain loses all colonies, US gets Philipines, Puerto Rico, and Guam. Cuba becomes a US protectorate |
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American expanison across continent was inevitable and divinely ordained. Monroe Doctrine : Essentially claimed Americas as a sphere of influence for U.S. and the Europeans should not interfere. |
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Vanishing frontier forced Americans to look outside the borders of the U.S.
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"The Frontier Thesis" stated the significance of the frontier, because it was the source of American Exceptionalism, and individualism forged on the frontier. |
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Justification for Imperialism, Idea that U.S. is an extraordinary nation witha special role to play in human history. |
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French philosopher who believed America is exceptional because democratic values are rooted in our culture, and the U.S. lacks traditional class system and entrenched institutions. |
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Reform wing of the Republican part which supported Democrat Grover Cleveland for president in 1884 over Republican James G. Blaine, whos influence peddling had been revealed in the Mulligan letters of 1876 |
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The Democratic party who opposed William jennings Bryan.
Represented business interests, generally supporting the goals of banking and railroads, laissez-faire capitalism, and opposed bimetallism |
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Split from the Republican Party over the issue of free silver and bimetallism, the main Republican Party supported the gold Standard |
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Receiving selected delegations of supporters at home and giving only prepared responses, McKinley used this technique during the 1896 campaign |
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Adcovate of the free coinage of silver, Cross of gold speech was given at the 1896 convention that was very powerful, speech expressed need for silver. |
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Raised average import tariff by 48%, farmers did not like this because agricultural equipment was raised in price |
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The Sherman Silver Purchase Act (1890) |
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Increased the silver periodically bought for coinage, Silver Notes backfired and people used silver notes to exchange for gold. |
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17% unemployment rate, Overbuilding of the railroads caused railroads and banks to go out of business aswell as The Sherman Silver Purchase Act (1890) |
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Nominated for the election of 1892 under the populist party, was an abolitionist who was active in the greenback party, active in the farmers alliance. Helped to create the peoples party |
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Ran by Ignatius Donnelly, who was a political activist who published "Atlantis the Antediluvian World"! |
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State's laws which regulated business, many targetd railroads, regulated freight rates, lowerd and set rates, and made sure that rail customers were treated fairly |
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Supreme court ruled in favor of the railroad, this invalidated the granger law; states did not have rights to impose on interstate commerce |
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Stated that congress has the power to regulate commerce with foreign nations, states, and Indian tribes. |
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Owned institutions operated for the benefit of the members, Non- Profit. Promoted the establishment of farming credit unions, Co-ops were widely utilzed by many populst organizations
Examples : general Stores, grain elevators, mills, and more!!! |
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Used to Help farmers, empowered individual farmers through the bonding of other farmers |
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Reasons for Populist Movement |
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Deflation - Decline in Farmers income
Conflicts with Railroads, banks, and big business
Nation changed from Rural to URBAN!!!!!! |
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Populist Movement:Economic Reforms |
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Inflationary policy: Greenbacks and free coinage of silver
Regulation of large industries
Government ownership of railroads
Agricultural co-operatives
The graduated income tax |
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Populist Movement : Political/Democratic Reforms |
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Direct election of senators
The referendum: vote taken by the general public to decide if legislation becomes a law
The initiative: Voters gather signatures on petition so legislature can be presented to the state legislature |
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Gold Standard Act of 1900 |
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Put the U.S. onto a gold standard in which gold was the primary for of currency. Gold coins were circulated and were backed up by paper money |
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Leader of Greenback Party
Ran for President of the U.S. in 1880's |
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Formed in 1876 in reaction to economic depression, the part favored issuance of unsecured paper money to thelp farmers repay debts; the movement for free coinage of silver took the place of the greenback movement of 1880's |
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Governments went out and bought large amounts of silver, which helps the miners, people hoped the government would coint silver again, resulted in the production of the Morgan Silver Dollar, which ended up failing. |
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Made up of 3 important groups
Silver Miners of the west were jobless, mining silver wasnt profitable.
Farmers favored inflation because they made more money from their crops
Debtors favored inflation because deflation put them into debt. |
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U.S. government would begin redeeming greenbacks for gold, This caused a dcrease in the amount of greenbacks in circulation and caused more deflation; created an average of 1% deflation per year |
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Demonetization of silver as official money
Led to deflation; a decrease in the amount of money in the economy
Brought an end to the U.S. bimetallism |
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Deflation is a decrease in the supply of money in the economy
This causes the price of goods to decrease
Referred to as a general decrease in the price level of goods
Examples : The Coinage act of 1873/ Resumption Act of 1875 |
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Comstock Lode and Silver Coins |
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Large deposit of silver found in the Comstock Lode results in a decrease in value of silver and a increase in value of gold |
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Gold Rush and Gold Coins 1848 |
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Large deposits of gold are discovered during the california gold rush which decreases the value of gold and raises the value of silver. Double Eagle coins produced in 1849 |
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Establish the U.S. mint and monetary system based on gold and silver
Allow for free coinage
Created Bimetallism |
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Colonel in the 7th Calvary which was orderd to Lakota area to protect railroad surveyors
In 1874 Custer lead the 7th cavalry in the black hills for gold which triggered the Black Hills gold Rush. |
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Sitting Bull/ Battle of Little Big Horn |
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Sitting bull (one of the greatest chiefs) organzied the Battle of Little Big Horn, which is refered to Custer's last stand, Custer gets FLOPPED LOLZ |
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The Treaty of Fort Laramie (1868) |
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Treaty that both the tritbes and US had signed that confirmed the permanent sovereignty West of the Missouri River, Created the Sioux Reservation
Tribes agree to be civilized and adopt European Lifestyle |
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Indian tribes were able to successfully take out William Fetterman's army |
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1866-1868 Named after Lakota Chief Red Cloud, one of the most successful cheifs. Resulted in the US sending 1,000 troops in the area to make a fort
Bozeman Trail shut down by Indians |
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New trail leading to the gold in Montana that traveled through powder river country which was originally a hunting ground for the native Indians
6,000 tribes organized to fight back for their land |
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Distributed lands west of the Mississippi river to farmers and settlers
Authorized congress to grant 160 acres of public land to a western settler, who only had to live on the land for 5 years to establish the title |
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Established in 1849, location of numerous treaty signings, built to protect emigrants traveling the Oregon Trail.
The Treaty of Fort Laramie (1851) stated that all lands west of the Missouri river belonged to the natives |
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Large span of area in the mid North West
Plains were refered as the Great American Desert because of how dry it was
Very rich ecosystem was covered with native grass that prevented dust storms
American Bison was 15 million in 1865, in 1895 it was down to 1,000 due to hunting for food and fur |
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Lived in the great lakes region after the Europeans took over the Great Plains
Migrated to the Cheyenne area and learned from the other tribes, later defeated the cheyenne forcing them west |
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Led the Industrial Workers of the World
Famous leader of the socialist movement
Created his own railroad labor union
Ran for president of the US 5 times as a socialist |
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The Industrial Workers of the World |
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Focused on Organizing unskilled workers, and destroying capitalism
Radicals founded organization in Chicago
Known as WOBBLIES |
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American Federation of Labor |
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Emerged in 1880's
Founding President Samuel Gompers who focused on concrete economic gains - higher wages, shorter hours, better working conditions and avoided utopian ideas or politics. Focused on skilled labor, opposite of KOL |
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Called the meeting of Haymarket in May of 1886
3,000 people attended the rally. Resulted with a fight between workers and police. Spies was arrested
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Communist manifesto
He believed working class should unite to fight exploitation and to overthrow the capitalist system |
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The Haymarket Riot (1886) |
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Riot Started as a rally by workers for an 8 hour day, workers originally worked 10-14 hours
wanted
8 hours of labor
8 hours of recreation
8 hours of rest |
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The Great Railroad Strike of 1877(west virginia) |
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Railroads went bankrupt in 1873 so they had to cut costs
Strike started after rail company, The Baltimore and Ohio, cut workers pay
Strike spread to Maryland where the governor ordered the National Guard to end the strike.
Outcome
Compensation, and 1st ever pension given |
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Established in 1800's by garmet workers
Comprised of both skilled and unskilled laborers
Demanded an end to child labor, 8 hour day, equal pay for woman, and progressive income tax.
Terrance V Powderly was one of the main leaders |
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Urbanization - Cities increased in size after the civil war
Immigration - Increased Jobs and expanding markets attracted immigrants
Industrialization - Increased mechanization and mass production meant owners had less need for skilled workers |
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Created by Sir Henry Bessamer, new process of steelmaking. Open-Hearth Furnaced used in the process. |
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Used the Bessemer Process to create cheaper steel to gain fortune and wealth.
Wrote the Book The Gospel of Wealth |
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Head of the Robber Barons, who masted the art of buying rundown railroads and making cosmetic improvements, and selling out at a profit while using corporate funds for personal gainse and political bribes. |
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Railroads: Standardization |
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Creating a network of railroad tracks that are the same throughout the country. By doing so created an interconnected national market for the country's goods and produce. |
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Standard Oil, Created standard oil by using vertical integration, eliminating the middle man. Dominated the Oil Market like www.getfucked.com |
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Powering the 2nd Industrial Revolution |
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Wood: Industrial growth created a need for wood-framed housing
Coal: the material used to power the new technology
Oil: Used to form energy to power objects |
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A contraction of the nation's money supply resulting from the Treasury's post war withdrawal of greenbacks and reckless over expansion of the railroads created the panic.
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Panic of 1873 lead to the most severe depression Americans had yet suffered, lasting 6 years, marked by widespread bankruptcies, chronic unemployment and a drastic slowdown of railroad building. |
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