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US History timeline & concept chart: 1860s-1900: Difference between revisions
US History timeline & concept chart: 1860s-1900 (view source)
Revision as of 15:45, 16 May 2021
, 16 May 2021→1890s Cleveland & McKinley administrations
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== 1890s Cleveland & McKinley administrations == | == 1890s Harrison, Cleveland & McKinley administrations == | ||
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! '''PERIOD / TIMELINE''' | ! '''PERIOD / TIMELINE''' | ||
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* | * Benjamin Harrison presidency | ||
* Grover Cleveland presidency, | |||
*<br>US overseas expansion & imperialism<br> | |||
* 1894 Wilson-Gorman Tariff<br><br> | * 1894 Wilson-Gorman Tariff<br><br> | ||
* >> <br><br> | * >> <br><br> | ||
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===== Panic of 1893 ===== | |||
* background causes | |||
** US silver mines flooded markets with silver, which led to price inflation, especially for commodities (prices up), which encouraged additional land speculation | |||
*** the 1890 Sherman Silver Purchase Act required that the US Government purchase silver, thus driving up the price of silver | |||
*** farmers and miners had promoted the idea | |||
**** farmers want inflation to reduce cost of debts, miners wanted higher silver prices | |||
** speculative (risky investment) bubbles in Argentina, South Africa and Australia | |||
** 1890 crisis in Argentina, which had received much US and European investment | |||
*** wheat crop failure & attempted coup d'etat | |||
** Europeans & domestic investors turned to US gold over "paper money" | |||
** US railroad over-expansion | |||
* direct causes | |||
** in 1893, just before President Cleveland took office , the Philadelphia & Reading Railroad (yes, the "Reading" on the Monopoly board!) failed, causing '''bank runs''' and "credit crunch" (banks call loans for immediate repayment and don't offer new loans) | |||
** | |||
===== Tariffs ===== | |||
* Democrats were traditionally low-tariff advocates and Republicans, from the Whig tradition, advocated "protective tariffs" | |||
** to "protect" domestic products against foreign competition | |||
** l'''ow tariffs''' = pro-consumer, pro-importers (especially agriculture-based economies, exported crops and imported goods) | |||
** '''high tariff'''s = pro-industry, pro-local production; also called '''protective tariffs''' | |||
** most Federal revenue was from tariffs | |||
* Europeans used colonial possessions for home markets and protect themselves against competition via protective tariffs | |||
* US industrialization amplified the debates | |||
* '''McKinley Tariff of 1890''' | |||
** | |||
* '''Wilson-Gorman Tariff, 1894''' | |||
** US overseas trade led to more competition with Europeans across the world | |||
*** Democrats reduced rates | |||
*** imposed a 2% income tax to make up for lost revenue from lower tariffs | |||
**** the Supreme Court ruled the income tax unconstitutional | |||
***** not a "direct tax" since the income tax varied by income | |||
***** (the Constitution required that a "direct tax" be equally applied to all citizens) | |||
***** in the landmark case ''Pollock v. Farmers' Loan & Trust Co.'' the Supreme Court ruled that the income tax was an "unapportioned direct tax" | |||
* | * | ||
* >>details | * >>details | ||
==== American imperialism ==== | |||
* background | |||
* industrialization empowered American foreign trade and investments | |||
* Alaska territory was the final "American frontier" | |||
* decline of Spanish colonial empire, only Cuba and Puerto Rico remained colonies after Latin America independence movements in the 1820s | |||
** Cuban independence movements sought & received much support in US | |||
* '''Alfred Mahan “Influence of Sea Power”''' (1890) | |||
** Mahan argued for need for navy to enforce access to foreign ports for trade | |||
** his circular logic: strong navy allows for imperialism which creates need for strong navy | |||
** coaling stations in Hawaii allowed for more transit across the Pacific | |||
* annexation of Hawaii | * '''annexation of Hawaii, 1898''' | ||
** 1891 Queen Liliuokalani crowned ruler of Hawaii | |||
** Hawaii was an important supply source for ships crossing the Pacific | ** Hawaii was an important supply source for ships crossing the Pacific | ||
** with growth in steam power, Hawaii became even more important to American shippers | *** with growth in steam power, Hawaii became even more important to American shippers for trade with east Asia | ||
** starting in 1819 and growing into 1870s, US missionaries and settlers established sugar plantations in Hawaii | ** starting in 1819 and growing into 1870s, US missionaries and settlers established sugar plantations in Hawaii | ||
** US tariffs exempted Hawaiian sugar (which led to growth in production), but in 1890, the <nowiki>'''MicKinley Tariff'''</nowiki> subsidized American sugar producers (gave them money to lower their prices), which made Hawaiian sugar more expensive, and created an economic crisis in Hawaii | ** US tariffs exempted Hawaiian sugar (which led to growth in production), but in 1890, the <nowiki>'''MicKinley Tariff'''</nowiki> subsidized American sugar producers (gave them money to lower their prices), which made Hawaiian sugar more expensive, and created an economic crisis in Hawaii | ||
** in 1891, American planters | ** in 1891, American planters forced abdication of newly-crowned Hawaiian Queen Liliuokalani | ||
** Cleveland refused to recognize American annexation of Hawaii | ** Cleveland refused to recognize American annexation of Hawaii | ||
** in 1898, the US officially annexed Hawaii as part of the settlement of the Spanish-American War (1898 | ** in 1898, the US officially annexed Hawaii as part of the settlement of the Spanish-American War (1898) | ||
=== Spanish-American war, 1898 === | === Spanish-American war, 1898 === | ||