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Cards In This Set
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Greenbacks
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- paper money issued by gov during Civil War- not redeemable for gold, but $300 million were issued anyway- Farmers hit by depression want to inflate notes to cover losses--> Grant veto inflation bill + greenbacks added to permanent circulation- 1879: federal gov made greenbacks redeemable for gold
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Greenbacks - Labor Party
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- 1878- primarily prairie farmers who went into debt during Panic of 1873- fought for increased monetary circulation - issue paper currency - bimetallism (both gold + silver as tender)- support inflation programs (benefit debtors)- shorter work hours + national labor bureau
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Pendleton Civil Service Act
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- 1883- office holders assessed on a merit basis to be sure they were fit for duty- CAUSE: assassination of Garfield by immigrant who was angry about inability to get a gov job
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Stalwarts
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- Republicans fighting for civil service reform during Garfield's term- support Cleveland
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Half-breeds
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- favor tariff reform + social reform (major issues from Democ. + Repub. parties)- not dedicated members of either party
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Mugwumps
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- Republicans who vote Cleveland (1884)instead of Blaine
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Secret ballot / Australian ballot
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- All candidates names printed on white paper + polling done in private- opposed by the party machines (want to pressure ppl into voting for their candidates)
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Billion Dollar Congress
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- The first session where Congress spent over $1 billion
- 1880s
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McKinley Tariff
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- highly protective tariff (1880)- so high -- caused a popular backlash (cost the Republicans votes)
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Transcontinental railroad
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- Union Pacific Railroad, Central Pacific Railroad- Linked US from coast to coast - shipping of products + people
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"Credit Mobilier"
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- construction co. owned by larger stockholders of Union Pacific Railroad--> Union Pacific get gov. contract to build transcontinental railraod--> "hired" Credit Mobilier to do actual work - charge federal gov 2x actual cost- scheme was discovered --> company bribe Congress w/ stock to stop investigation- EFFECTS: biggest bribery scandal in US - greater public awareness of gov. corruption
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John D. Rockefeller
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- 1880s- Standard Oil Company
- largest unit in US oil industry |
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Horizontal consolidation
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- form of monopoly- occurs when 1 person/ company gains control of one aspect of entire industry or manufacturing process
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Vertical consolidation
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- form of monopoly- occurs when 1 person/ company gains control of every step of manufacturing process for single product- allows company to lower costs of production + drive competition out of business
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Cornelius Vanderbilt
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- robber baron- control the New York Central Railroad
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