HIST 1312 1st Edition Lecture 10 Outline of Last Lecture I. Rutherford B. HayesA. End of Reconstruction II. James GarfieldA. Political Reform BeginsB. AssassinationIII. Chester ArthurA. Pendleton Civil Service ActB. Beginning of Modern NavyIV. Election of 1884A. James B. BlaineB. MugwupsC. Grover ClevelandOutline of Current Lecture I. Cleveland’s 1st TermA. G.A.R.- veteran’s pensionsB. Land ReformsC. Tariff of 1888II. Election of 1888A. Cleveland vs HarrisonIII. HarrisonA. Veterans PensionsB. Sherman Silver Purchase ActC. Sherman Anti-Trust ActIV. U.S. vs E.C. Knight CompanyA. McKinley TariffB. National LandsV. Election of 1892A. Harrison vs ClevelandVI. Cleveland’s 2nd TermA. Panic of 1893B. Repeal of Sherman Silver Purchase ActC. Pullman StrikeThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.VII. Coin’s Financial SchoolA. J.P. MorganCurrent Lecturel.A. In Grover Cleveland’s first term, there is a surplus in the treasury. Veterans believe they deserve a pension. So Congress passed a bill that gave them a pension, however, Cleveland believed instead of giving it to one special interest group like the veterans he should give money back to the tax-payers in the form of a tax cut. So he vetoed the bill which angered many veterans.B. Cleveland instructed his Secretary of Interior to go after people who illegally sold or bought land. Railroad companies lose assets and the people who got free land from the Homestead Act who didn’t fulfill the requirements had their land taken away. People who sold this land to lumber and mining companies had the land taken away from those companies as well, because it was illegal to sell it to these companies.C. In 1888 Cleveland wanted to lower the tax rates for the poor. However, the government raises taxes up to 65%. Cleveland was so upset that he didn’t sign or veto this bill, he let it sit on his desk so by default it became law. ll.A. In the election of 1888 many people were angry at Cleveland so Benjamin Harrison, a Republican, won office. Harrison does things very differently than Cleveland.lll.A. When Harrison gets in office he tells Congress to give him the veteran bill again and he passes it, so veterans now get a $10 pension, which wasn’t much, but they were happy to get anything at all.B. Harrison also makes a deal with mining companies called the Sherman Silver Purchase Act, because they’re bringing in a lot of silver and they agree to give it to the government. People think this will benefit them because they think the government will coin this silver in their currency. However, the government doesn’t do this because it would ruin their currency.C. The Sherman Anti-Trust Act outlawed monopolies. People thought they were going to goafter big businesses with this law, and with more jobs more wages. However the government didn’t define what a monopoly was, the Supreme Court decided.lV.The E.C. Knight Company controlled 98% of the sugar made. The Supreme Court ruled that 98% was not a monopoly because it still had competitors. They said that to be a monopoly a company had to control 100%.A. The McKinley Tariff raised taxes again up to 68% in 1890, even though they just had a taxraise in 1888. Harrison raised taxes just because he wanted to, not because he had a good reason, there was still a surplus of silver.B. During Harrison’s term, he set some large pieces of land aside, which later became the national parks.V.A. In the election of 1892, Harrison and Cleveland ran against each other again. However, there was a third party, the Populist Party. This party had the farmers, miners, and laborers. William Jennings Bryan was the Populist candidate but he did not get enough votes to win, but many Populist members are elected to Congress. In this election Cleveland begs for another chance, and people are angrier at Harrison, so Cleveland wins a second term. Vl.A. Cleveland’s second term was from 1893 to 1897, and he got elected right when the Panic of 1893 occurred. This panic lasts for the duration of his term. This panic started with railroads who were scamming the system. They didn’t finish their railways and weregetting money from the government every year. They got investors to buy big shares, giving them dividends instead of building the railroad. When this crashes, banks who invested in these companies get hit too and they have to lay off workers.B. Cleveland eventually ends up repealing the Sherman Silver Purchase Act, this affects miners and America’s surplus disappears. C. Before he repealed this act he used it on the Pullman Strike. George Pullman makes traincars like mini suits for rich people on the go. When this panic occurs he asks his costumers to buy his cars at the cost they’re made, without getting profit for himself, so his workers can keep working. However, most people don’t so he has to lay off 1/3rd of his work force. The remainder of his workers get a pay cut, but they live in his houses and buy from his stores so they ask for lower rent, but he says no so they protest. These workers are Members of the American Railway Union who called a sympathy strike for everyone else to strike as well. The country needs railroad workers so Cleveland breaks up this strike by saying they’re being a monopoly.Vll.A. Harvard students write a pamphlet called Coin’s Financial School saying if the government had 100 million they wouldn’t be bankrupt. The government only sold 5 million so they ask J.P. organ to buy the other 45 million. He buys it with greenbacks and makes 36 million. Then he trades this in for gold. The government asks again if he can buy the rest in gold and let the bonds mature this time. Morgan did this and after he let his bonds mature he got a lot of money