HIST 011 Lecture Notes - Lecture 9: Greenback Party, Mckinley Tariff, Silver Ratio
Document Summary
1870s and 80s-congresses in washington concerned with patronage, money supply, and tariff issue. Left states and local governments to deal with cities and industrialization problems. Pendleton act of 1881 setup the civil service commission, and a system of merit for the government"s classified positions. This also barred civil servants from making political contributions. Debtors, farmers, and start-up businesses (people like kevin) wanted a softer currency (dick) so that they could pay back loans and borrow money easily. Bankers creditors, and investors (people like mike) wanted a harder currency (dick) backed by gold so that it would hold its value against inflation. Farmers prospered in the civil war from the use of unbacked paper money. Investors, etc. wanted to get rid of them, so in 1875, anal congress passed the. Specie resumption act, which withdrew all greenbacks from circulation. A new party for congress called the greenbacks got 14 members elected in.
