HIST 1st Edition Lecture 11 Outline of Last 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 StrikeVII. Coin’s Financial SchoolA. J.P. MorganOutline of Current Lecture I. Populist Party II. Populist Party Platform 1892Current Lecturel.The Populist Party was made up of very angry miners, farmers, and laborers. During World War land ll America needed a powerful navy. The Populist Party was against this building up of the nation’s army and navy, so they were considered unpatriotic and disbanded. ll.These 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.The Populist Party had 15 points in their campaign. 1. Free and Unlimited Coinage of Silver and Gold at a 16:1 ratio—this meant that every 16 ounces of silver is the monetary equivalent of 1 gold ounce. In the 1933 Silver Act, silver is coined again. 2. Flexible Currency System Controlled by the Government—they wanted this because theywere tired of Morgan’s monopoly on banking.3. Increase in Circulatory Medium of $50/person, thereby lowering interest rates—when this system was created they wanted $50 a person thereby lowering interest rates without getting inflation. This was created with the 1913 Federal Reserve Act.4. Graduated Income Tax—these workers wanted a graduated income tax which means that the poor would pay nothing and the rich would pay this tax. They had to make $4,000 a year or more. This was the 16th amendment in 1913.5. Creation of Subtreasury for Farm Produce—for farmers, their price of goods dropped so they wanted a sub-treasury where they take their gods to the market, have it stored there for a couple of seasons and get paid later for it when they want to get paid. The 1916 Warehouse Act made this possible for them.6. Postal Savings Bank—banks only operated in heavily populated areas so farmers wanted to be able to deposit money in the post office, since there was one in every town. In 1911 the government created this with the Postal Savings Bank Act, but later in 1976 it ended as banks became more various. 7. Public Ownership of Railroads, Telephones, and Telegraph—the government does not own any of these, they are all owned by private companies, except in 1917-1919 and 1941-1945 when the government controls these during World War l and ll, to make sure enemy propaganda does not get through.8. Prohibition of Alien Land Ownership and Reclamation of the Railroad—in 1921, 1924, and 1953, the government makes various immigration acts for this.9. Direct Election of Senators—the Senate was set up to represent states, with direct election the power goes from the states to the people. The 17th amendment in 1913 made this possible.10. Prohibition of Labor Spies—amongst unions there would be labor spies, people who go into these Unions and see what people are saying. If one of their employees wants to strike they will fire him. Populists wanted this private, and there were various state laws that came to protect this right. 11. 8-Hour Work Day—laborers wanted their 12 hour work day reduced to 8 hours, this would create more jobs, dry up the surplus and make wages increase. The Wage and Hour Act in 1937 created this.12. Initiative and Referendum—if they wanted something and senators or government won’t consider it because they don’t think it will get them re-elected, someone can writea petition and get signatures so the legislature is forced to put it on the ballot.13. Secret Ballot—people wanted a secret ballot because the old way of voting meant that you go to the county clerk, gave them your name, and then they would ask you which candidate you wanted to vote for. Your boss may want you to vote for a particular person, but if you voted for someone else, someone overhearing your vote could tell your boss and get you fired.14. 6-Year Presidential Term Limit—they wanted a restricted number of terms to 6 years maximum for vice presidents who served two years as vp and then became president forfour years. This was later changed in 1953 to 10 years total with the ratification of the 22nd amendment.15. Immigration Restrictions—they don’t want immigrants coming in big waves to America and taking our jobs, so in 1921, 1924, and 1953 there were various immigration