Panic of 1893

1
1893-1901
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Panic of 1893

• What led up to the Panic?
• Sherman Silver Purchase Act
• U.S. govt would buy 4.5 million ounces/month
• Price of silver continued to decline
• Led to cutting of cost which led to violent
  strikes
• Goldbugs Silverites
• Stock market is jittery
• Reading Railroad goes bankrupt

3
Grover Cleveland takes office for 2nd term

• Allowed investors to cash in bonds
• Asked J. P. Morgan for help
• Cleveland losing supporters
• Probably one of the most unpopular Presidents in
  his 2nd term

4
Bryan vs. McKinley

• Reconstruction period is over 1896

5
William Bryan

• 35 yrs. Old
• Deeply religious
• Ran on silver
• Blasphemer
• Sublime oratory
• Appealed to the farmers of the mid-west

6
William McKinley

• Mark Hanna
• Associate of Rockefellers
• Spokesman for moderation and flexibility
• Ran on gold
• Career politician
• Conservative, prudent, respectable, sobriety
• Appealed to big city and big business

7
The election of 1896

• Bryan is in the lead so they thought
• 14 of 15 biggest cities were controlled by
  Republican machines
• Bryan received 6.5 million votes
• McKinley received 7 million votes
• 271 to 176
• Conlin J. R. (2001). The American Past A survey
  of American History Sixth Edition. V II since
  1865.

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Definitions

• Imperialism-
• a policy of extending your rule over foreign
  countries 2 a political orientation that
  advocates imperial interests 3 any instance of
  aggressive extension of authority
• Isolationism
• the policy or doctrine of isolating one's country
  from the affairs of other nations by declining to
  enter into alliances, foreign economic
  commitments, international agreements, etc.,
  seeking to devote the entire efforts of one's
  country to its own advancement and remain at
  peace by avoiding foreign entanglements and
  responsibilities.