Chapter 19 Section C

Repeal of Sherman Silver Purchase Act 1893

President Grover Cleveland, who stood for the gold standard, succeeded in having this repealed over the strong objections of William Jennings Bryan. However, little gold was in the treasury; thus, the panic of 1893 could not be avoided and the crisis remained until 1896.

Dingley Tariff 1897

Raised import duties to the highest point in American history.

Gold Standard (currency) 1900

Gold was given a specific value to the dollar and required all currency issued by the united States to hew to that value.

"Cross of Gold" speech 1896

One of the most famous political speeches in American history in support of free silver Made by thirty-six-year-old Congressman William Jennings Bryan from Nebraska. "You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold."

William McKinley

Republican president, 1897-1901, who was for the gold standard, high tariffs and stood for expansion.

Sherman Silver Purchase Act 1893

Required the government to purchase (but not coin silver, and to pay for it in gold. President Clevland believed this was the main cause of the weakening gold reserves.

William Jennings Bryan

This Democratic candidate ran for president most famously in 1896 (and again in 1900). His goal of "free silver" (unlimited coinage of silver) won him the support of the Populist Party. Even after he gave the famous "Cross of Gold" Speech he lost the election to Republican William McKinley. He ran again for president and lost in 1900. Admirers hailed him as the Great Commoner

Election 1896 (p)

William McKinley (R)won against William Jennings Bryan (D)

Contraction of credit

economic condition in which investment capital is difficult to obtain