What was the reason for the legal tender Act, 1862
As the Civil war continued, the North was running out of money. This was passed to help fund the Civil War
What were the terms of the legal tender act, 1862?
The government authorize to print greenback dollars without species backing (450 M)
How was the Legal tender Act passed
Democrats were in the minority so Republicans pushed the bill through?
What was the context the Coinage Act, 1873
Between 1830-50, silver price increased, and it became less and less available for minting. In the 1850s, Congress discontinued silver coins, and there was no real backlash.
What were the terms of the Coinage Act, 1873?
Demonetization Act. Congress decreed silver coins should no longer be minted.
What was the impact of the Coinage Act, 1873?
When the Depression of 1873 hit, farmers called it the Crime of ‘73. They saw conspiracy by “gold bugs” and demand for “free silver” began.
What was the reason for the Resumption Act, 1875?
The Union had printed 450 Million in paper money-they feared soft money would drive sound money out of use.
What were the terms of the Resumption Act, 1875?
Greenbacks would be redeemed for species, and it gradually reduced the number of greenbacks in circulation.
What was the impact of the Resumption Act, 1875?
The Greenback party was formed, later called the Greeback Labor. They demanded the repeal of the Resumption Act.
What was the reason for the Bland-Allison Act, 1878?
It was meant to placate 3rd party demands to expand currency. It also amines to stimulate the economy from the Depression of 1873 and respond to pressure from farmers/miners.
What were the terms of the Bland-Allison Act, 1878?
The treasury would buy 2-4 Million dollars of silver each month. Treasury would coin silver dollars.
What was the impact of the Bland-Allison Act, 1878?
President Hayes’ veto was overridden, the government purchased/minted minimum amounts of silver, and neither party strongly favored this act.
What was the reason for the Sherman Silver Purchase Act, 1890?
Response to pressure from 3rd parties, doubled silver purchases under Bland-Allison Act.
What were the terms of the Sherman Silver Purchase Act, 1890?
The gov purchased 4.5 M ounces of silver per month. It issued certificates redeemable in gold or silver.
What was the impact of the Sherman Silver Purchase Act, 1890?
Republicans supported it, and in turn Democrats supported the McKinley tariff. Populist party and free zilver were on the horizon.
What was the reason for the Gold Standard Act?
The election of 1896 killed free silver. Strikes around the world increased gold supply. Economic recovery lessened the cry for silver.
What were the terms of the Gold Standard Act?
all paper money was backed by gold. It put the u.s. on the gold standard.
What was the impact of the Gold Standard Act?
It was the pinnacle of monetary conservatism. Bimetalism was dead as a political issue.
Where was the Great Railroad Strike of 1877?
It was in West Virginia, and it spread to Maryland, Pennsylvania, Illinois, and Missouri.
Who led the Great Railroad Strike of 1877 and why?
IT was led by railroad workers who were protesting a third wage cut in a single year by the B&O railroad.
What happened in the Great Railroad Strike of 1877?
It was the first major interstate strike in US history, strikers refused to let trains move leading to crashes that killed twenty people which led to the burning of railroad property.
How was the Great Railroad Strike of 1877 Resolved?
Hayes sent federal troops to restore order and force the trains to run. The strike ended 45 days after this.
Where was the Haymarket Riot of 1886?
Chicago
Who led the Haymarket Riot of 1886 and why?
The knights of labor campaigning for an 8 hour work day.
